With an Italian — Fabio Capello — now firmly ensconced as the England football manager (for the time being at least), and the comings and goings between new partners, the London Stock Exchange and its Italian counterpart now an established traffic flow, it seems British-Italian relations have never been better.

Tommaso Padao-Schioppa, Italy’s Finance Minister and policy committee member at the IMF, was guest of honour at the LSE’s Christmas lunch, we hear. As befits a 300-year-old institution, the wine cellar is generally reckoned to be superb.

However, an off note was struck amid this glutinous festive cheer when the Minister scolded Borsa Italiana for not bedding down with NYSE Euronext or the German exchange, Deutche Borse.

The name of the new group’s holding company will be London Stock Exchange — anything else would have downgraded the reputation of the new combine. It is also a fact that over 30 percent of Borsa’s trades come from London based investment banks.

It’s easy to see why the deal made more sense to the Milan bosses than a eurozone one, apparently favoured by the politician. Sr. Padao-Schioppa did concede, however, that mild disapproval of a marriage is often a good incentive to make it work.

Let us hope so.