Originally published February 4 2006
Bank of Italy governor relinquishes his position after scandal brings him under intense media scrutiny
by Mike Adams, the Health Ranger, NaturalNews Editor
Intense media coverage of a scandal revolving around the sale of Italy's Banca Antonveneta has prompted Antonio Fazio, governor of the Bank of Italy, to step down from his position amid accusations of insider trading and abuse of office.
Pressure had been mounting on Mr Fazio to quit following a scandal over the sale of Italy's Banca Antonveneta.
Mr Fazio is facing an investigation into suspected insider trading and abuse of office relating to his handling of the bank takeover battle.
Mr Fazio has strenuously denied the accusations and repeatedly stated that he behaved properly when deciding to recommend Banca Popolare Italiana (BPI) over Dutch rival ABN Amro.
Despite calls for his resignation from many of Italy's political elite, including Prime Minister Silvio Berlusconi, the 69-year-old career central banker refused to resign.
FAZIO FACTFILE Antonio Fazio Antonio Fazio joined the Bank of Italy in 1960, aged 24, and became governor in 1993 Fazio attends mass every day and has been on a pilgrimmage to Lourdes.
Under current Italian law, the governor of the Bank of Italy is entitled to remain in office for life.
Former BPI boss Gianpiero Fiorani - a close associate of Mr Fazio's - was arrested last week on suspicion of embezzlement and market rigging.
The European Central Bank (ECB) said its president, Jean-Claude Trichet, had been informed by Mr Fazio that he had intended to resign.
The scandal surrounding the takeover of Banca Antonveneta had threatened to damage international confidence in Italy's banking sector.
For years he projected an image of the Bank of Italy as an incorruptible institution.
He also ensured Italy was ready to ditch the lira and adopt the euro in 1999.
Although the subsequent banking scandal saw much of the political establishment turn against him, Mr Fazio - a devout catholic - still received support from the Roman Catholic Church and the right-wing Northern League.
A spokeswoman for the Bank of Italy said Mr Fazio had handed in his resignation to a member of the bank's Superior Council earlier on Monday.
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