ECB raises concerns over Italian macro-pru committee
Decree should give a casting vote to governor and remove members’ vetoes, ECB says
The European Central Bank has advised the Italian government to re-think its proposal to set up a macro-prudential policy committee, in a legal opinion dated October 20.
The ECB welcomed the Italian finance ministry’s decision to create such a committee, published in a draft decree. But it warned finance minister Giancarlo Giorgetti’s initiative could weaken the Bank of Italy’s ability to carry out macro-prudential policy.
Under the proposal, the committee would be chaired by the governor of
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