ROME, Jan 19 (Reuters) – Italy’s authorities appointed on Thursday veteran economist Riccardo Barbieri as director normal of the Treasury, changing Alessandro Rivera within the influential place.
The transfer marks a victory for brand new Prime Minister Giorgia Meloni, who was seeking to take away Rivera and put her stamp on key positions inside Italy’s highly effective state forms.
Barbieri, 64, was the ministry’s chief economist earlier than being promoted. Beforehand he has labored for main funding banks, together with J.P. Morgan, Morgan Stanley, Financial institution of America-Merrill Lynch and Mizuho Securities.
“A cosmopolitan former banker and chief economist, Barbieri is without doubt one of the Treasury senior officers who liaises extra often with Brussels,” mentioned Francesco Galietti, head of political threat consultancy Coverage Sonar.
“He’s well-known by capital markets and eurocrats,” Galietti added, saying his promotion was a secure alternative.
Amongst different nominees, Rome confirmed Biagio Mazzotta as state auditor.
The financial system ministry additionally mentioned it was planning an overhaul of its inner construction to make sure the achievement of “essential European and worldwide targets”.
No particulars got, however political sources had beforehand mentioned Meloni needed to deliver administration of Italy’s post-COVID restoration plan underneath her direct management.
The function of Treasury director normal is particularly essential in Italy, the place bureaucrats get a considerable say in financial coverage making and oversight of state-controlled firms towards the backdrop of frequently revolving governments.
‘VERY BADLY HANDLED’
Earlier incumbents have included Mario Draghi, who later grew to become governor of the European Central Financial institution and Italian prime minister, and former financial system ministers Domenico Siniscalco and Vittorio Grilli.
The Treasury chief deputises for the financial system minister at G7 and G20 conferences and his division manages a public debt of roughly 150% of nationwide output, the second highest within the euro zone after Greece’s.
Authorities sources have mentioned Meloni was sad with Rivera’s dealing with of a few of Italy’s essential monetary dossiers, notably efforts to relaunch the nation’s fifth largest financial institution Monte dei Paschi di Siena (MPS) (BMPS.MI).
MPS is 64%-owned by the Treasury following a 2017 bailout that price taxpayers 5.4 billion euros ($5.8 billion).
Meloni mentioned final month that MPS had been “very badly dealt with” on the expense of Italian taxpayers previously — a comment which some politicians took as an oblique criticism of the ousted Treasury chief.
Rivera had declined any touch upon his future or observe report in current weeks.
He spent a lot of his profession inside the financial system ministry, specialising within the dealing with of banking and monetary crises. Rivera was appointed to the director normal function in 2018 underneath Prime Minister Giuseppe Conte and was confirmed within the job by Draghi in 2021.
Numerous different senior roles can even be up for grabs within the coming weeks, together with locations on the boards of state-controlled power teams ENI (ENI.MI) and Enel (ENEI.MI).
The boards of MPS, defence group Leonardo (LDOF.MI) and energy grid Terna (TRN.MI) are additionally due for renewal shortly, whereas a brand new Financial institution of Italy governor should be discovered when Ignazio Visco finishes his time period on the finish of October.
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Enhancing by Keith Weir, Catherine Evans and Crispian Balmer
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