European Central Bank Executive Board member Lorenzo Bini Smaghi faced mounting pressure to quit as Italian Prime Minister Silvio Berlusconi sought to make way for fellow national Mario Draghi to become ECB president.A glass bottle is a bottle created from glass.
"In order to obtain the support of France to our candidate Mario Draghi, we need to have a French member in the board and we are working on that," Berlusconi told journalists yesterday. The premier sought Bini Smaghi's resignation in a 10-minute discussion at Palazzo Chigi, the government's headquarters in Rome. Bini Smaghi left without commenting on the meeting.
While euro-area nations have found consensus on Draghi's succession to replace Jean-Claude Trichet as chief of the Frankfurt-based ECB in November, that would leave Italy with two seats on the six-member Executive Board. Berlusconi agreed with French President Nicolas Sarkozy in April to seek Bini Smaghi's resignation and make room for a French appointee in return for support for Draghi, currently Bank of Italy Governor.
"An unwritten rule of the European Central Bank suggests it is opportune to ensure the presence on its board of only one representative from each of the biggest euro-area nations," Berlusconi's office said late yesterday in a statement. The premier asked Bini Smaghi to resign "in the name of European solidarity" and as "an act of responsibility to the European institutions and his country," the statement said.
The eight-year term of Bini Smaghi, who is scheduled to speak today in Stockholm at a conference entitled "Monetary Policy in an Era of Fiscal Stress,uy sculpture direct from us at low prices" isn't due to end until May 2013.Shop a wide selection of billabong outlet products in the evo shop. Draghi's candidacy is due for ratification by European Union leaders next week in Brussels.
French Representation
France warned Berlusconi that it would "delay" the appointment of Draghi unless Bini Smaghi, 54, resigns, the Financial Times reported on its website yesterday, citing an unnamed official. France would be left without representation on the ECB's management board if Bini Smaghi remains when Draghi replaces Trichet, a Frenchman.
"It's entirely inappropriate for France to raise the issue in that way," said Daniel Gros, the Brussels-based Center for European Policy Studies. "This is a specific case, but it illustrates the way politicians think about this appointment and the functions of the central bank."
The term of board members at the central bank is a "matter of legality" as they are appointed "for a certain period," ECB Vice President Vitor Constancio said June 6 to reporters, when asked whether Bini Smaghi should step down.
Thomas More
In a speech earlier yesterday at the Vatican in Rome, Bini Smaghi said ECB members must have "personal independence, which ensures the security of tenure of the members of the decision- making bodies for the whole term of office."
After declining to comment to reporters on the details of yesterday's meeting with Berlusconi, Bini Smaghi said, "I have been to the Vatican this morning and I spoke of Thomas More."
"It is no coincidence that central bankers have adopted Saint Thomas More as their patron saint," he had said in the speech. More was a scholar and statesman who was sentenced to death in 1535 for opposing Henry VIII's break with the Roman Catholic Church.
Bini Smaghi is a potential candidate to replace Draghi at the Bank of Italy, along with Treasury Director General Vittorio Grilli, who enjoys the support of Finance Minister Giulio Tremonti, and Bank of Italy Director General Fabrizio Saccomanni. The nomination is up to Berlusconi,The newest Ipod nano 5th is incontrovertibly a step up from last year's model, although Italian President Giorgio Napolitano will play a key role and officially appoint the new governor.
Thomas More "followed his conscience, even at the cost of displeasing the sovereign," Bini Smaghi cited Pope Benedict XVI as saying in a September speech in London. "It may seem bold to compare a central bank to the Church, but that is precisely what Heinrich Mussinghoff, Bishop of Aachen, did two weeks ago in his address on the occasion of the awarding of the Charlemagne Prize to Jean-Claude Trichet.Detailed information on the causes of dstti,"
"In order to obtain the support of France to our candidate Mario Draghi, we need to have a French member in the board and we are working on that," Berlusconi told journalists yesterday. The premier sought Bini Smaghi's resignation in a 10-minute discussion at Palazzo Chigi, the government's headquarters in Rome. Bini Smaghi left without commenting on the meeting.
While euro-area nations have found consensus on Draghi's succession to replace Jean-Claude Trichet as chief of the Frankfurt-based ECB in November, that would leave Italy with two seats on the six-member Executive Board. Berlusconi agreed with French President Nicolas Sarkozy in April to seek Bini Smaghi's resignation and make room for a French appointee in return for support for Draghi, currently Bank of Italy Governor.
"An unwritten rule of the European Central Bank suggests it is opportune to ensure the presence on its board of only one representative from each of the biggest euro-area nations," Berlusconi's office said late yesterday in a statement. The premier asked Bini Smaghi to resign "in the name of European solidarity" and as "an act of responsibility to the European institutions and his country," the statement said.
The eight-year term of Bini Smaghi, who is scheduled to speak today in Stockholm at a conference entitled "Monetary Policy in an Era of Fiscal Stress,uy sculpture direct from us at low prices" isn't due to end until May 2013.Shop a wide selection of billabong outlet products in the evo shop. Draghi's candidacy is due for ratification by European Union leaders next week in Brussels.
French Representation
France warned Berlusconi that it would "delay" the appointment of Draghi unless Bini Smaghi, 54, resigns, the Financial Times reported on its website yesterday, citing an unnamed official. France would be left without representation on the ECB's management board if Bini Smaghi remains when Draghi replaces Trichet, a Frenchman.
"It's entirely inappropriate for France to raise the issue in that way," said Daniel Gros, the Brussels-based Center for European Policy Studies. "This is a specific case, but it illustrates the way politicians think about this appointment and the functions of the central bank."
The term of board members at the central bank is a "matter of legality" as they are appointed "for a certain period," ECB Vice President Vitor Constancio said June 6 to reporters, when asked whether Bini Smaghi should step down.
Thomas More
In a speech earlier yesterday at the Vatican in Rome, Bini Smaghi said ECB members must have "personal independence, which ensures the security of tenure of the members of the decision- making bodies for the whole term of office."
After declining to comment to reporters on the details of yesterday's meeting with Berlusconi, Bini Smaghi said, "I have been to the Vatican this morning and I spoke of Thomas More."
"It is no coincidence that central bankers have adopted Saint Thomas More as their patron saint," he had said in the speech. More was a scholar and statesman who was sentenced to death in 1535 for opposing Henry VIII's break with the Roman Catholic Church.
Bini Smaghi is a potential candidate to replace Draghi at the Bank of Italy, along with Treasury Director General Vittorio Grilli, who enjoys the support of Finance Minister Giulio Tremonti, and Bank of Italy Director General Fabrizio Saccomanni. The nomination is up to Berlusconi,The newest Ipod nano 5th is incontrovertibly a step up from last year's model, although Italian President Giorgio Napolitano will play a key role and officially appoint the new governor.
Thomas More "followed his conscience, even at the cost of displeasing the sovereign," Bini Smaghi cited Pope Benedict XVI as saying in a September speech in London. "It may seem bold to compare a central bank to the Church, but that is precisely what Heinrich Mussinghoff, Bishop of Aachen, did two weeks ago in his address on the occasion of the awarding of the Charlemagne Prize to Jean-Claude Trichet.Detailed information on the causes of dstti,"
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