Italy’s new chance

Antonio Fazio’s resignation as Italy’s central bank governor is potentially good news for the country. But the emphasis should be on the word «potentially». Too often, Italy has wasted its chances. Fazio’s actions in this year’s takeover battle for Antonveneta, a local bank, have brought the central bank into disrepute. He showed favouritism to one of the bidders, Banca Popolare Italiana, with whose boss he was friends. And he unfairly handicapped ABN Amro of the Netherlands, the other bidder. F...