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Some dirt on ECB's governor Draghi - BBH

Analysts at Brown Brothers Harriman explained that it seems that ECB President Draghi may come under scrutiny during the run-up to Italian elections that must be held by the end of May 2018.  

Key Quotes:

"Last month, Bank of Italy Governor (and Draghi's successor) Visco was embroiled in what seemed to be pre-election jockeying. It looked as if he was going to be replaced at the of his term as there was an attempt to place the blame on Visco for the banking woes. Many of the problems, of course, pre-date Visco and that is how Draghi may be dragged into Italian politics.   

Recall that before Draghi was the Governor the Bank of Italy, he worked for a US investment bank and reportedly helped some Italian governments to use derivative contracts to minimize the appearance of debt levels.  

Reports suggest that during his tenure at the central bank, officials knew that Monte dei Paschi, for example, had used a complex transaction to conceal the loss of the equivalent of roughly $500 mln--two years before prosecutors were informed. There are legalistic issues, of the power of the central bank, and the improper actions by former executives since 2008."

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