Italy’s Banks Face a New Sheriff in Town
Andrea Enria is a good pick as Europe’s banking supervisor-in-chief. Should he be approved, don’t expect him to go easy on his home country.
It may look strange to some to put an Italian in charge of Europe’s banking police. But it isn't.
Photographer: Simon Dawson/BloombergThere’s an irony in the nomination of Andrea Enria as the head of Europe’s banking supervisory body. The Italian, who currently leads the European Banking Authority, is expected to take over from Daniele Nouy at the start of next year provided the European Parliament and European Union’s council approve.
One of the first items on his menu could well be his own country’s banking system, which is under pressure from rising government bond yields and a slowing economy. Yet any Italian who thinks he’s about to do them a favor is in for a disappointment. The 57-year-old economist has shown himself throughout his career to be independent of Italy’s banking establishment. In fact, he might well be the best person to deal with Rome’s lending woes.