Italy Coalition Agrees EU Minister Savona Should Be Consob Chief, Sources Say

Italy’s coalition parties, the League and the 5-Star Movement, have reached an agreement to nominate euro-sceptic EU Affairs Minister Paolo Savona as the next head of Consob, the nation’s market watchdog, according to sources from the League.

The nomination is pending approval from Italian President Sergio Mattarella, who previously blocked Savona’s appointment as economy minister due to concerns that his anti-euro stance could harm Italy’s international reputation and disrupt financial markets. However, a representative from the president’s office indicated that Mattarella does not oppose Savona taking the role at Consob.

The position has been unfilled since last September, when former president Mario Nava resigned amid pressure from the coalition parties owing to his ties with the European Commission, where he had previously served.

The coalition has faced difficulties in selecting a compromise candidate, and last week, Mattarella rejected a proposal for economist Marcello Minenna to assume the position. Reports suggest that Minenna, who is considered to have close ties to the 5-Star Movement, is likely to be appointed as Consob’s secretary general.

If Savona is appointed, there is currently no indication of who might take over as EU affairs minister. A political source noted that Savona has expressed frustration with his current role, highlighting that it has a limited budget and minimal effective power.