Italy ends coalition deadlock with appointment of market watchdog chief

Stazi, 68, currently serves as secretary-general of Italy’s antitrust regulator. He succeeds 89-year-old Paolo Savona, whose seven-year tenure concluded in March. The nomination follows a protracted disagreement between the League, which lobbied for Junior Treasury Minister Federico Freni, and Forza Italia, which insisted on an independent expert.

This leadership change arrives as the Milan stock exchange struggles to keep pace with European competitors. Consob’s recent data reveals a stark decline in market participation, with the number of large listed companies dropping from 239 in 2019 to 199 by the end of 2025. Last year, the exchange saw zero new public offerings while 11 companies delisted. Beyond revitalizing capital markets, Stazi faces immediate pressure to navigate ongoing judicial scrutiny regarding the state-backed takeover of Mediobanca. Prosecutors continue to investigate whether a hidden shareholder pact influenced the deal—a matter Consob previously dismissed but is currently re-evaluating based on fresh evidence. As part of the wider coalition compromise, the cabinet is also expected to nominate Saverio Valentino to lead the competition authority.