Italy's Fazio says bank sector not protectionist

Bank of Italy governor Antonio Fazio has told the European Commission that the Italian banking sector is not protectionist, the Financial Times reported.

In a reply to a letter from EU internal market commissioner Charlie McCreevy seeking clarification on Italian banking policy, Fazio said foreign banks have access to the Italian market and that Italy's authorities are complying with European law.

"The Bank of Italy always examines merger proposals which are formally submitted to it in the

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