Will Antonio Fazio go away?
The chief of the Bank of Italy is not going to leave his job tomorrow. But he will go. When?
He is accused for not being a fair referee in an affaire involving an Italian bank trying to buy another Italian bank, with a little help from a lot of "friends". That Italian bank was competing with a Dutch one. Thus, Antonio Fazio's help - proved by phone calles that he made, that were recorded and that were published - was very important to the Italian bank that was trying to buy. And he did help. That is not questioned. Didn't he do anything against the law? That's questionable, because the law in Italy is such a mess... Did he behave in the way that one should expect from the chief of a central bank? No.
Everybody wants him to leave. Only some representatives of the Catholic Church and other politicians in the far Right seem still convinced that he should stay. But in any case he is not resigning. Why?
If he resigns who could save him from being prosecuted? Nobody. Would he resign if he could be helped escape a trial? Maybe. There is an institutional way to have him leave? No. Well, yes: but it is as difficult as a simple "no". Could the law be changed and Fazio fired? Yes, but it is not a very easy process. So? If he were a rational man like economists like to think people are, he should not be resigning because he should be asking something to someone able to make a promise to him and keep it. Somebody that before the elections is not that easy to find.
Can Fazio wait until the elections? Well, yes... Can Italy wait until the elections? That dipends on world financial markets... Well: I'm a bit worried...
7:52:26 PM  ;
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