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2019-07-25

Mario Draghi Has to Explain One Last Thing So what happened, exactly, at Monte Paschi?

Mario Draghi, who steps down as president of the European Central Bank in October, deserves praise for almost single-handedly saving the euro. 

But thorny questions still remain about how well he oversaw the region’s banks, and one in particular: Banca Monte dei Paschi di Siena SpA.

As governor of the Bank of Italy between 2006 and 2011, he was ultimately responsible for regulating it. 

Crucially, the central bank signed off on Monte Paschi’s mammoth takeover of a rival at the peak of the financial crisis. 

It was a deal that eventually left the world’s oldest lender mired in scandal and bailouts.

Bloomberg 25 July 2019

The world's oldest bank, Siena-based Banca Monte dei Paschi di Siena SpA


ECB

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