Born in Florence on 20 October 1955, he graduated from the University of Florence in 1979 and continued his studies at Harvard University on a Giorgio Mortara scholarship from the Bank of Italy.
From 1975 to 1982 he worked in various fields, including as a journalist, teacher, and regional legislation advisor.
In 1982 he joined the Economic Research Department of the Bank of Italy, where he was initially concerned with industrial structure and policy before moving on to business cycle analysis, helping to develop new analytical and forecasting tools with Giorgio Bodo and others. From 1986 to 1995 he was assigned to the Bank's regional economic research unit in Florence; there he studied the regional economy and banking system, in particular the mechanisms behind the success of the industrial districts.
From 1994 to 1996 he was advisor and speechwriter to the then Prime Minister Lamberto Dini.
He returned to the Economic Research Department in Rome in 1995 as coordinator of the regional research units and head of the Real Economy Sector. In 1998 he took over the Department's Statistics Sector and in 2007 was appointed head of the Economic and Financial Statistics Department. From 1998 to 2008 he was a member of the ECB Statistics Committee, the European Union Committee on Monetary, Banking and Balance of Payments Statistics (where he was a member of the executive body in 2005-08) and of other international statistical fora.
In 2008 he moved to the banking and financial supervision area as part of its reorganization, first as head of the Supervisory Regulations and Policies Department, where he followed the measures taken in the wake of the crisis and imparted impetus to the rules on banking transparency, and then from February 2009 onwards as head of the Banking Groups Supervision Department. On 1 March 2012 he was appointed Managing Director for Banking and Financial Supervision.
He is a member of the Basel Committee on Banking Supervision and of other European and international supervision coordination bodies.
He has written a number of articles on the structure of the Italian economy, economic analysis and economic statistics methodology, as well as a non-technical book on the Italian economy with Ignazio Visco. He has also edited two volumes of studies on industrial districts, one of which together with Massimo Omiccioli.