Antonio Fazio's resignation is the third downfall provoked by this year's Italian banking scandal, and it is not likely to be the last.

The months-old criminal investigations by Milan and Rome magistrates have uncovered alliances among numerous financiers, some of whom have close ties with Italy's top politicians, including Silvio Berlusconi, prime minister, and Massimo D'Alema, a former premier and leader of the Democrats of the Left.