BoI reforms: Fazio hangs on

The Italian government has fluffed a good chance to reform the country’s central bank – for the second time. After the Parmalat scandal, calls to modernise Italy’s convoluted regulatory structure largely went unheeded. Now, the government has once again shied away from the thorny issue of what to do about Antonio Fazio, the Bank of Italy’s governor whose involvement in recent banking controversies has damaged Italy’s credibility. It has also left other contentious issues, such as removing the ce...