Few predicted Ignazio Visco, the Bank of Italy’s third-in-command, would succeed Mario Draghi as the central bank’s governor.
Mr Visco did not, like the other candidates, have a powerful cheerleader. And that he has secured the nomination owes something to his relative inoffensiveness to both Mr Draghi and Giulio Tremonti, Italy’s finance minister.
But he is no ugly compromise.
He was the most favoured choice for many within the bank. For good reason. Mr Visco can be trusted to uphold the values that have made the bank Italy’s most respected public institution under Mr Draghi’s stewardship. Read more