(Tiper Stock Exchange) – Fabio Panetta will be the new Governor of the Bank of Italy from 1 November (of which he was General Manager from 2019 to 2020): he will therefore take the place of the current governor Ignatius Viscoappointed on November 1, 2011, who will complete his second 6-year term at the end of October and therefore cannot be re-elected. Roman, 64 years old, Panetta was President of the Institute for Insurance Supervision (IVASS) and is a member of the Executive Committee of the European Central Bank.
“The Council of Ministers – reads a note from Palazzo Chigi – on the proposal of the President Giorgia Meloni, having seen the opinion expressed unanimously by the Superior Council of the Bank of Italy, has approved the appointment of Dr. Fabio Panetta as Governor of the Institute, starting from November 1, 2023, following the natural end of the mandate of Governor Ignazio Visco, scheduled for October 31. The relative nomination decree will then be submitted to the President of the Republic, as required by the nomination procedure established by article 19 8 of Law No. 262 of 28 December 2005 and the Statute of the Bank of Italy. The Minister of the Economy, Giancarlo Giorgetti, presented a presentation report to the Council of Ministers”.
On the basis of the Statute of the Bank of Italy, lthe appointment of the governor takes place “by decree of the President of the Republic, on the proposal of the President of the Council of Ministers, following a resolution by the Council of Ministers, having heard the opinion of the Superior Council” of Bankitalia itself. Article 18 of the Statute states this, specifying that in order to express its opinion, the Superior Council of Bankitalia “is convened and chaired by the most senior member in order of appointment and, for the same appointment, in age”.
The opinion is approved by a qualified majority of two thirds of the members of the Board. The governor represents the Bank of Italy itself “in front of third parties in all deeds and contracts and in judgements”. The statute provides that it has competences and powers reserved to the members of the ECB’s decision-making bodies envisaged by the Treaty and by the statute of the European System of Central Banks. In particular, he participates in the Governing Council of the ECB, where the institution’s monetary policy decisions relating to the entire euro area are taken (for example on official interest rates). The governor also “orders, having heard the Directory, the appointments, promotions, assignments, transfers and assignments of senior staff and appoints the directors of the headquarters and branches. And “submits the proposed decisions to the Superior Council “.
The Bank of Italy was established in 1893. Since the reform of 1928 there have been 10 governors: Bonaldo Stringher (1928-1930), Vincenzo Azzolini (1931-1944), Luigi Einaudi (1945-1948), Donato Menichella (1948-1960), Guido Carli (1960-1975), Paolo Baffi (1975-1979) , Carlo Azeglio Ciampi (1979-1993), Antonio Fazio (1993-2005) and Mario Draghi (2005-2011), Ignazio Visco (from the end of 2011 to today).