A proposed new agreement on dealing with failing banks, hammered out in a lengthy meeting of finance ministers, was headed for a summit of European leaders on Thursday. Described as an „historic achievement“ by Italian Economy Minister Fabrizio Saccomanni, the single-resolution mechanism (SRM) agency is designed to prevent failures like the collapse of Lehman Brothers in 2008. Ban
(18.10.2017) The move to oust Visco comes at a sensitive time for Italy and the euro area. The ECB, where he sits on the Governing Council, is due to meet next week to try and agree on how and when it can wind down its bond-buying program.
Outgoing economy minister Pier Carlo Padoan warned Conte not to misjudge the power of the markets.
He met Bank of Italy Governor Ignazio Visco on Friday before talks with M5S leader Luigi Di Maio and League leader Matteo Salvini.
There appears to be tension between President Sergio Mattarella and the League-M5S over the cabinet, in particular the possibility that 82-year-old Euroskeptic economist Paolo Savona could become economy minister.