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Born in Rome on 7 August 1947. He graduated in Statistics and Demographics from the University of Rome in 1971 and then attended Stanford University for the next two years, obtaining an MA in Economics.
He joined the Research Department of the Bank of Italy in 1976, rising to the position of head of the Monetary and Financial Sector. His main areas of interest at the time were economic analysis of the banking sector, the institutional framework for financial markets and monetary policy tools and processes. He undertook research at the University of Berkeley and lectured at the University of Rome.
In 1986 and 1987 he coordinated the drafting of a White Paper on payment systems in Italy and then headed the task force set up to implement the related reform projects. He also represented the Bank on various committees at the OECD and the BIS.
From 1995 to 2003 he was Executive Director of the World Bank Group, representing the Governments of Albania, Greece, Italy, Malta, Portugal, San Marino and East Timor. He also chaired the World Bank’s Budget Committee and then the Audit Com¬mittee. In 2002, as Dean of the Board, he chaired the Steering Committee.
He returned to the Bank of Italy in 2003 as head of the Asset Management Department and in 2006 he became Managing Director for the Central Banking and Markets Area and for the Payment Systems Area, which were merged in 2008.
In December 2011 he was appointed Chairman of the working party on the revision of IMF Guidelines on Foreign Exchange Reserve Management.
On 1 March 2012 he was nominated Managing Director for Relations with International Institutions and Fora, including the G20, the EFC and the OECD (WP3). He also oversees the T2 Securities and infrastructure macro-projects relating to payment systems.
He has written numerous books and essays on monetary and financial policy, the payment system, and international financial institutions.
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