Thicker And Thicker

Well, the Antonio Fazio question seems definitely to have decided that it doesn’t want to go away. The FT today informs us that the European Commission will take legal action before the end of the year against Italy over the allegations that against Fazio ( governor of the Bank of Italy). This threat is, however, not without its own problems since:

the Commission would be suing the Italian government, which has asked Mr Fazio to step down but cannot remove him. Mr Fazio is appointed for an indefinite term and can be removed only by the central bank’s board. Mr Fazio has denied any wrong-doing. On Thursday, he told Bank of Italy employees: “To serve the state independently . . . is the attitude that has always inspired the actions of the central bank.”

“To be independent, or not to be independent, that is the central bank question”

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About Edward Hugh

Edward 'the bonobo is a Catalan economist of British extraction. After being born, brought-up and educated in the United Kingdom, Edward subsequently settled in Barcelona where he has now lived for over 15 years. As a consequence Edward considers himself to be "Catalan by adoption". He has also to some extent been "adopted by Catalonia", since throughout the current economic crisis he has been a constant voice on TV, radio and in the press arguing in favor of the need for some kind of internal devaluation if Spain wants to stay inside the Euro. By inclination he is a macro economist, but his obsession with trying to understand the economic impact of demographic changes has often taken him far from home, off and away from the more tranquil and placid pastures of the dismal science, into the bracken and thicket of demography, anthropology, biology, sociology and systems theory. All of which has lead him to ask himself whether Thomas Wolfe was not in fact right when he asserted that the fact of the matter is "you can never go home again".