Current rules give bank power to promote internally

Reuters reports that Italy's coalition government has drafted a bill that would give the power to appoint Bank of Italy board members, taking away the central bank's power to decide internally.

The BOI's Visco has frequently criticized the government as part of long-running tensions between the government and the central bank. Meanwhile, the government has accused the bank of failing to supervise, leading to a raft of bank struggles and failures.

Salvini has vowed to "completely clear out" the central bank's top brass. The new bill would give the Prime Minister the power to appoint three members of the five-member board, while the upper and lower houses name one each.