The Italian government is set to nominate European Central Bank executive board member Fabio Panetta as the new Bank of Italy governor.

Governor Ignazio Visco finishes his second and final six-year term at the central bank’s helm on November 1. He was proposed by late prime minister Silvio Berlusconi in 2011 to replace Mario Draghi, who left the Bank of Italy to become ECB president.

Panetta is now in line to take over, according to media reports. But prime minister Giorgia Meloni could soon