Italy's No. 3 banker to replace ECB-bound Draghi

AP News
Posted: Oct 20, 2011 3:38 PM
Italy's No. 3 banker to replace ECB-bound Draghi

The government has nominated the deputy director general of Italy's central bank, Ignazio Visco, to take over for Bank of Italy chief Mario Draghi, who is becoming head of the European Central Bank.

The nomination is crucial as Italy seeks to implement austerity and growth measures in a bid to prevent becoming the latest victim of Europe's debt crisis. In August, Visco warned Italy risked economic stagnation even with the austerity measures.

Premier Silvio Berlusconi had been under pressure from various bickering ministers to pick their choices, but in the end went with Visco, Bankitalia's deputy director general since 2007.

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The nomination must be confirmed by the bank's board of directors.

Draghi takes over for retiring ECB chief Jean-Claude Trichet on Nov. 1.