Italy withdraws simplifying clause from EU draft constitution

German newspaper Boersen-Zeitung reports that EU Presidency holder Italy has withdrawn from the draft EU Constitution a proposal to simplify procedures for changing the European Central Bank's statutes in response to ECB protests.

If simplified, an enabling clause would have allowed national governments to alter the bank's statutes without needing recourse to either intergovernmental conferences or ratification by national parliaments.

Jean-Claude Trichet, president of the ECB wrote to Italian Foreign Minister Franco Frattini to express serious concern at the proposal.

It was also reported that Italy will still stick to plans to introduce qualified majority voting for the board of the ECB, including the president.