Bank of Italy's Fazio rejects Parmalat blame

The governor of the Bank of Italy on Tuesday 27 January tackled his critics who say he failed to protect investors from the Parmalat scandal, claiming that banks had shown a "serious error of judgement" in their dealings with the food company.

Antonio Fazio told a parliamentary hearing on Parmalat's multi-billion-euro accounting scandal that it had been impossible to follow all of the group's activities given its extensive dealings with foreign banks.

The governor has faced the stiffest crit