ECB raises concerns over Italian macro-pru committee

Decree should give a casting vote to governor and remove members’ vetoes, ECB says

Bank of Italy
The Bank of Italy
Photo: Aleksandrasana/Wikimedia Commons

The European Central Bank has advised the Italian government to re-think its proposal to set up a macro-prudential policy committee, in a legal opinion dated October 20.

The ECB welcomed the Italian finance ministry’s decision to create such a committee, published in a draft decree. But it warned finance minister Giancarlo Giorgetti’s initiative could weaken the Bank of Italy’s ability to carry out macro-prudential policy.

Under the proposal, the committee would be chaired by the governor of

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