Euroskeptic Savona May Head Italy's Market Watchdog: Reports

(Bloomberg) -- Italy’s European Affairs Minister Paolo Savona may be nominated to head the country’s market regulator Consob, major newspapers including La Repubblica reported.

The top job at Consob has been vacant since September, when the previous head, Mario Nava, was pushed out due to his ties to the European Union, which the populist government argued made him unfit for the role. Filling the job has become a point of contention for the coalition headed by Matteo Salvini’s League and the Five Star Movement led by Luigi Di Maio.

Premier Giuseppe Conte is ready to nominate economist Savona to break the impasse, Repubblica said Saturday.

Savona, 82, is known for his views questioning the current structure of the euro zone, saying it needs reforms. He had been in line to become finance minister in the government that took office on June 1, but his appointment was blocked by President Sergio Mattarella because of his criticism of the euro region’s framework.

Member of Parliament Filippo Sensi said there is a legal bar to Savona taking over the Consob chairmanship now. The law provides that a former government official would need to wait at least 12 months before leading the market watchdog, the opposition Democratic Party lawmaker said in a Twitter posting.

To contact the reporter on this story: Kevin Costelloe in Rome at kcostelloe@bloomberg.net

To contact the editors responsible for this story: Fergal O'Brien at fobrien@bloomberg.net, Brian Wingfield, Kevin Costelloe

©2019 Bloomberg L.P.