Premier Giuseppe Conte's cabinet
on Tuesday approved the nomination of European Affairs Minister
Paolo Savona as the new president of Italian stock-market
regulator CONSOB, sources said.
There will be no reshuffle as Conte will take over the
European Affairs brief on an interim basis, the sources said.
The opposition centre-left Democratic Party (PD) said
Savona's appointment was illegitimate.
"Minister Savona cannot be the president of CONSOB, the
government cannot ignore the law," said PD Senator Simona
Malpezzi.
"There are many reasons that make him incompatible.
"The minister worked for the Euklid fund, therefore a body
under CONSOB's oversight, until May 1018," said Malpezzi,
asserting the appointment would also breach other laws and
saying this made for a "highly serious and unprecedented
situation".
Savona, who has been critical of the euro in the past, was
the League and the 5-Star Movement's initial pick for economy
minister in their coalition government.
But President Sergio Mattarella opposed this and Giovanni
Tria became economy minister, with Savona getting the European
affairs portfolio.
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