BOI head and ECB man Ignazio Visco passes the buck in parliament

  • Collapse of Italian banks was not due to careless supervision but to the worst economic crisis in Italy’s history
  • Untrue that the central bank acted late or impartially in supervising banks in crisis

That’s probably the biggest load of cobblers I’ve read all year. It wouldn’t have been the “worst economic crisis in Italy’s history” if supervision had been such that they’d been monitoring the huge debt exposures at Italian banks properly.

Ryan Littlestone
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