Central Bankers Union

Antonio Fazio, the Bank of Italy governor has friends in high places. Well, lets make that friends in Frankfurt.

Jean-Claude Trichet, the European Central Bank president, made clear on Wednesday he would oppose unwarranted political attempts to remove Antonio Fazio, the Bank of Italy governor engulfed in controversy over his handling of bank takeover bids.

He claims to be standing up for Central Bank Independence, but seeing how the issue is one of conflict of interests an improper conduct, one has to wonder what the connection between that and independence is. It seems more like a helping hand from a member of the club.