Italy in troubled times

"The resignation of Mr. Fazio ends a sad episode for Italy. At the same time, it creates an opportunity for the country to take a step into the 21st century," Vito Tanzi, a former Italian undersecretary of economy and finance, writes in a commentary. "Italy now has a chance to make a clear political statement that it intends to join a modern and globalised world and to play by new rules. In this new world, the next governor should continue to have political independence and to conform to modern thinking about the role of central banks. (...) The final outcome will indicate whether Italy intends to join a world increasingly dominated by an international system of rules or whether it intends to remain in the past."

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