Born in Trichiana (Belluno) on 7 June 1953.
Senior Deputy Governor of the Bank of Italy since 1 January 2020 (Presidential Decree of 10 January 2020). He stands in for the Governor during the latter's absence or incapacity.
President of the Insurance Supervisory Authority (IVASS) since 1 January 2020.
In 1977 he graduated in Political Science from the University of Padua and the following year he obtained a Master's degree in business organization from the Consorzio Universitario di Organizzazione Aziendale of Padua. In 1979 he gained a Master of Science in economics from the University of York, Great Britain.
He joined the Bank of Italy in 1979 and was assigned to the Economic Research Department, where he worked until 1994.
From 1994 to 1997 he was an Economic Advisor at the European Commission's Directorate General for Economic and Financial Affairs. He then returned to the Bank and, from 1997 to 2007, was head of the Public Finance Division of the Economic Research Department.
From 1999 to 2007 he presided over the Public Finance Working Group of the European System of Central Banks.
From 2007 to 2011 he was head of Structural Economic Analysis Department and from 2011 to 2013 he was Managing Director of the Economic Research and International Relations. In this capacity, he represented the Bank on committees and working groups at various international organizations and was a member of working groups at the Ministry of Finance, the Treasury, the Presidency of the Council of Ministers, and ISTAT.
From 20 May 2013 to 19 May 2019 he held the position of State Accountant General.
Deputy Governor of the Bank of Italy from 20 May 2019 (Presidential Decree of 3 May 2019) to 31 December 2019. Member of the Joint Directorate of the Insurance Supervisory Authority (IVASS) from 20 May 2019.
In the academic world, he has held courses at the Universities of Bergamo and Trieste, the Università Cattolica of Milan and the Scuola Superiore della Pubblica Amministrazione. From 2000 to 2003 he was a member of the Governing Council of the Società Italiana di Economia Pubblica.
He has published books on public spending, social protection systems, and European tax rules. He has written papers on budget policy, fiscal federalism, generational accounting, taxation of financial assets, and income distribution.