Under Antonio Fazio, Italy’s central bank seemed to have become an autocracy, with the now disgraced ex-governor its all-powerful boss. Governance will have to be a priority for the new governor, Mario Draghi. David Lane reports on the immense confidence rebuilding task ahead.

Italy’s reputation for institutional excellence is, to put it mildly, far from the country’s strong point. Italian corruption scandals are legendary for involving a wide range of participants from all walks of life: business, politics and public bodies.

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