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Merkel Wants to Cut Overlapping Bank Directorships, Monti Says

German Chancellor Angela Merkel would like to follow Italy and limit the ability of directors at banks and insurance companies to sit on multiple boards, Italian Prime Minister Mario Monti said.

“Mrs. Merkel told me, ‘In Germany, I really think we should do something like this,’” Monti said in a speech today at a conference in Cernobbio, Italy.

Monti cited how he passed a rule in Italy for “the elimination of the possibility of interlocking directorates, or the crossed positions on the boards of banks and insurers” as an example of what he discussed with Merkel about doing in Germany.

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