Market Watchdog Boss Of Italy Steps Down Amid Political Pressure

By Michael Walter/Troika via Wikimedia Commons

Consob is the market watchdog of Italy. On Thursday, the regulator announced that its head, Mario Nava has handed in his resignation just months after assuming his position. He announced his resignation during an emergency board meeting. He also said that he will be returning to Brussels.

The said announcement confirmed the earlier reports.

Consob expressed its regrets regarding the said decision. The agency said that the resignation would immediately take effect.

Nava is 52 years old. He served as the director for financial system surveillance and crisis management of the European Commission until he was appointed as the head of Consob earlier this year.

The previous ruling government made the appointment. However, instead of stepping down from his previous position in the European Commission, he just took a temporary leave. His decision enraged the new coalition government.

The current ruling coalition of Italy took power last June. It called for the resignation of Nava after it claimed that his continued links with the European Commission opposed with his role in the institution.

The coalition is comprised by the anti-establishment 5 Star Movement and the far-right League. It also said that he is still reaping some benefits from judicial immunity.

In a statement, Nava said that the legal question of his administrative position had passed the scrutiny of four institutions. This included Sergio Mattarella, the President of Italy and the European Commission.

He stated: “The question is therefore only political.”

In a tweet that was posted earlier, Claudio Borghi, the economic spokesperson of the League, praised the decision that was made Nava. Borghi also serves as the president of the lower house budget committee

In the said tweet, he stated: “I thank Dr. Nava for the good sense he has shown with this resignation.”

Consob was not immediately available for comment on the matter.