Fazio: Too clever by half

Antonio Fazio, Italy’s central bank governor, has been extremely cunning in the way he has fought to keep foreigners out of the country’s banking system. Just a few months ago, it looked as if Fazio was on the back foot. ABN Amro of Holland and Spain’s BBVA openly challenged his anti-foreigner policy by bidding for two middle-sized banks – Antonveneta and BNL respectively. Brussels put pressure on him not to stand in their way. But Fazio has been ingenious. He hasn’t blocked either bid openly....