The continuing scandal involving the Italian central bank governor, Antonio Fazio, reminds me of a saying common among Polish Jews: "Rabbis are like nails, if they have no head they are difficult to get rid of." At any rate the ECB has been a pathetic joke during the whole episode:
European Central Bank president Jean-Claude Trichet said the ECB has concluded that actions taken by Bank of Italy governor Antonio Fazio in recent takeover bids were in line with Italian law.It's nice to know that while Fazio is under investigation in Italy (see here what for), Trichet is in a position to help out the magistrates and tell them he is not guilty! Though I'm not surprised, it should be clear to everyone that Trichet is a sell-out who is covering up for a fellow central banker. Fazio should have resigned ignominiously months ago, and his total lack of credibility continues to damage the Italian economy and image abroad. Thank you, Mr. Trichet.
But he said Italian law allows for discretion in takeover decisions which may not fully reflect EU principles.