Panetta era at Bank of Italy starts – English

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(ANSA) – ROME, NOV 1 – The era of former European Central
Bank executive member Fabio Panetta as governor of the Bank of
Italy began on Wednesday as he succeeded Ignazio Visco at the
helm of one of Italy’s most distinguished and respected
institutions.

   
“Happy working Governor. Welcome back to us in the Bank of
Italy”, said the Italian central bank on its social media of its
former Senior Deputy Governor.

   
Rome-born Panetta, 64, holds degrees from Rome’s LUISS
University, the London School of Economics (masters) and the
London Business School (PhD).

   
In June Panetta told Le Monde that the ECB was “not far” from
the end to its succession of rate hikes, an issue which Italy’s
Piero Cipollone will grapple with as he too starts a new job
Wednesday, on the Frankfurt executive board, after it in fact
paused the hikes amid slowing inflation.

   
Panetta, whose previous managerial stint at the Bank of Italy
lasted seven years, started his career there in 1985 and rose to
director general in 2019.

   
He is seen as a very safe pair of hands at the post that was
formerly occupied by the likes of Bonaldo Stringher, Luigi
Einaudi and Mario Draghi, the saviour of the euro.

   
Panetta, whose political preferences are not known, has acted in
recent years as a medium for Italian business and economic
requests in Brussels and Frankfurt.

   
His predecessor Visco said “we have different characters and
different schools but the same values learned at Bankitalia”.

   
Visco, as honorary governor, will keep an office in the
building, Palazzo Koch, on Rome’s main Via Nazionale, where he
will have mainly archival duties. (ANSA).

   

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