The head of Italy's central bank stressed its independence on Sunday after it became dragged into a row with coalition lawmakers over the use of cash in shops.
"The Bank of Italy does not depend on the banks. It is autonomous in judgement, independent in substance but is also independent by law," Bank of Italy Governor Ignazio Visco told state broadcaster Rai 3.
Prime Minister Giorgia Meloni's right-wing government has proposed scrapping fines for retailers who refuse to accept cards for payments under 60 euros .that such a move would fuel Italy's black economy, drawing accusations from members of Meloni's party that the central bank was siding with financial groups who profit from card charges.
The Bank of Italy, whose independence is safeguarded by European treaties, is more than 60% owned by domestic banks and insurers. Visco also said that the current relatively low gap or "spread" between yields on Italian and German bonds was a sign of market confidence that Italy under Meloni could maintain a balance between debt and its ability to repay over time.
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