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24 January 2013

FT: Italian PM under fire over bank crisis


Mario Monti was forced to offer to recall parliament, amid questions about his government's handling of the financial crisis at Monte dei Paschi di Siena and the role of the central bank.

Supervision of the struggling institution by the Bank of Italy while Mario Draghi, European Central Bank president, was governor has come under attack as an increasingly fierce political outcry erupts in the run-up to national elections next month.

Among the most vocal critics of the central bank, which traditionally has oversight of the Italian banking system, was Mr Draghi’s long-time rival Giulio Tremonti, the former finance minister who is again running for office on February 25 for the centre-right. “In this specific case it is strange that the supervision was not preventive", Tremonti said.

Full article (FT subscription required)



© Financial Times


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