Antonio Fazio
Antonio Fazio | |
|---|---|
| Born | October 11, 1936 Alvito, province of Frosinone, Italy |
| Occupation | Financial executive |
| Years active | 1960–2005 |
| Known for | Governor of the Bank of Italy (1993–2005) |
Antonio Fazio (born 11 October 1936 in Alvito, province of Frosinone) is an Italian financial executive who held the position of Governor of the Banca d'Italia from 1993 until his contentious resignation in 2005.
After earning a degree in economics in 1960, he advanced his education at the Massachusetts Institute of Technology. He served as an assistant professor specializing in Demographics at Sapienza University of Rome and worked as an Economic Consultant within the Bank of Italy's Economic Research Department before officially joining the institution as an economist in 1966.
Fazio is recognized for his deep religious affiliations and his connections with the Vatican. He is a father to five children.
Career
Fazio’s professional journey at the Bank of Italy commenced in 1960. He was appointed governor in 1993 following the exit of his predecessor, Carlo Azeglio Ciampi, who assumed the role of Italian Prime Minister. Initially aligned with leftist political factions, Fazio’s associations shifted towards the centre-right after Silvio Berlusconi’s triumph in the 2001 national elections.
The Antonveneta affair
In 2005, Fazio came under severe scrutiny and pressure to resign amid accusations concerning his interference in the acquisition process of Italian bank Banca Antonveneta. Intercepted telephone communications implied that he endorsed an Italian bid aimed at obstructing a foreign takeover attempt by Dutch bank ABN AMRO.
Government response
Following a major defeat in the April 2005 regional elections, Berlusconi’s administration faced criticism for its reluctance to remove Fazio. On 21 September 2005, Economy Minister Domenico Siniscalco resigned in protest against the government’s hesitation. The executive maintained that it did not possess the authority to dismiss the central bank governor.
Investigations and resignation
On 14 December 2005, Gianpiero Fiorani was detained for his involvement in the scandal, and two days later, Fazio became subject to an official insider trading investigation in Milan. Concurrently, authorities in Rome investigated him for exerting undue pressure on the Bank of Italy to sanction Fiorani's acquisition of Antonveneta.
Despite months of resistance to calls for his departure, these legal developments compelled Fazio to resign on 19 December 2005. Subsequently, Mario Draghi was named governor on 29 December 2005.
On 28 May 2011, an Italian court convicted Fazio, sentencing him to four years imprisonment for market manipulation related to the 2005 takeover dispute over Banca Antonveneta. Additionally, a Milan court imposed a fine of 1.5 million euros ($2.14 million) for his involvement in the contested acquisition battle between Dutch bank ABN AMRO and Italy’s Banca Popolare Italiana (BPI).