ITALY’s populist government has its eye on the country’s financial regulators. Rome has suffered a long series of banking scandals, so it’s only fair to ask for more accountability. But the way the ruling League and Five Star Movement are proceeding should worry anybody who cares about the independence of these institutions.
The coalition has nominated Paolo Savona, European Affairs minister, as the new chairman of Consob, the financial market regulator. It’s hard to see how an appointee who comes directly from the government could be seen as independent.