The tenure of Antonio Fazio as Governor of the Banca d'Italia concluded in 2005 following intense scrutiny regarding his involvement in the Banca Antonveneta acquisition. Appointed in 1993, he navigated the Italian financial landscape for twelve years before allegations of market manipulation compelled his departure from the nation's central banking institution.
Early Career and Education
Born in Alvito in 1936, Fazio pursued higher education at the Sapienza University of Rome, graduating in economics in 1960. His academic trajectory included studies at the Massachusetts Institute of Technology. Before assuming leadership roles, he served as an assistant professor of Demographics at the Faculty of Economics of Rome University and joined the Bank of Italy as a staff economist in 1966.
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Fazio succeeded Carlo Azeglio Ciampi as Governor of the Banca d'Italia in 1993. During his tenure, his political alignment became a subject of public speculation, with reports initially suggesting an interest in left-wing coalition leadership before he became associated with centre-right circles following the 2001 general election.
The Antonveneta Controversy
In 2005, Fazio faced allegations that he manipulated the takeover process of Banca Antonveneta to favor an Italian bid over an offer from the Dutch bank ABN AMRO. Tapped telephone recordings fueled accusations of bias and market interference. The situation prompted the resignation of economy minister Domenico Siniscalco on 21 September 2005. Fazio resigned on 19 December 2005, and Mario Draghi succeeded him later that month.
Legal Proceedings
Following his resignation, Fazio faced multiple investigations in Milan and Rome regarding insider trading and his influence over the Bank of Italy's regulatory approvals. In 2011, an Italian court sentenced him to four years in prison for market-rigging related to the Antonveneta takeover. The court also ordered him to pay a fine of 1.5 million euros.
Fast facts
- Born: 1936, Alvito
- Governor of the Banca d'Italia: 1993-2005
- Education: Sapienza University of Rome
- Awards: Knight Grand Cross of the Order of Merit of the Italian Republic
- Resignation date: 19 December 2005
- Number of children: Five
- Nationality: Italy
Questions readers ask
What led to Antonio Fazio's resignation?
He resigned under pressure following allegations of market rigging during the acquisition of Banca Antonveneta.
Did Fazio face legal consequences for his actions?
Yes, in 2011 he was sentenced to four years in jail and fined 1.5 million euros for market-rigging.
Achievements
- Knight Grand Cross of the Order of Merit of the Italian Republic
- Educated at Sapienza University of Rome
