After just over a year in office, Italian finance minister Domenico Siniscalco has resigned. Ostensibly provoked by the continuing inability of the Government to force the resignation of Banca Italia’s discredited Governor Fazio.

Siniscalco commented: “The problem isn’t Fazio, but the inability to resolve the problem. I’m not bitter about this: I’m scandalized.”

Arguments over the latest finance bill can’t have helped though, as the centre-right government coalition partners attempt to put in place a budget favourable to their different constituencies.

On Wednesday Berlusconi threatened his coalition partners. Based on elections in Japan and Germany, Berlusconi suggested that he would do the same and call early elections. Today, given the plausible opportunity of doing just that, Berlusconi’s government instead nominated a new(ish) minister, Giulio Tremonti.

Hmm. That name is familiar isn’t it? Ah, yes. Tremonti in July last year resigned as … Finance minister.