Central Banking

New rules for Bank of Italy chief

The Bank of Italy adopted new rules on 28 November that end the central bank governor's unrestricted decision-making powers and traditional job for life.

The change in rules comes as Italy's central bank moves towards independence from the commercial banks that it regulates.

The governor of the bank, Mario Draghi, the first central bank head to be subjected to a new six-year term limit, will be able to have his term renewed only once under the new statute adopted at a special shareholders' meet