Directorate (Governing Board)

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The Directorate (Governing Board) is a collegial body, subject to Articles 22, 23 and 24 of the Statute, that is made up of the Governor, the Senior Deputy Governor and the three Deputy Governors and authorized to adopt measures of external significance regarding the exercise of the public functions entrusted by law to the Bank in pursuit of its aims, other than decisions falling under the authority of the ESCB.

Resolutions are passed by an absolute majority of those present; where the numbers in a division are equal, the Governor has the casting vote. Minutes are kept of meetings.

Emeritus positions

In accordance with a practice introduced by Governor Einaudi, when members of the Directorate step down, the Board of Directors may designate them emeritus holders of their positions in recognition of the work they have done for the Bank and to keep their link with the Bank alive.

The first person to have this title was Niccolò Introna, Director General from 1945 to 1946 and previously Special Administrator (for the liberated parts of Italy); he was made Director General Emeritus when he resigned. Subsequently, Donato Menichella, Paolo Baffi, Carlo Azeglio Ciampi, Antonino Occhiuto, Fabrizio Saccomanni and Vincenzo Desario held emeritus positions; today Mario Draghi is Governor Emeritus.

Holding an emeritus position does not imply the performance of any tasks within the Bank or the receipt of any emoluments. The holders of these positions do not participate in the meetings of the Directorate or the Board of Directors. There is no provision for them to enjoy benefits such as secretarial services or a chauffeured car, they have a single room to use in connection with the keeping of their archives or to carry out tasks related to the positions they held in the Bank.

Procedure for the appointment of the Governor and the other members of the Bank of Italy's Governing Board

The procedure is regulated by Article 18 of the Statute of the Bank of Italy.

Appointment of the Governor

The appointment of the Governor, his/her reappointment and his/her removal from office in the cases provided for by Article 14(2) of the Statute of the ESCB shall be enacted by a decree issued by the President of the Republic, acting on a proposal from the President of the Council of Ministers and following the adoption of a resolution by the Council of Ministers after hearing the opinion of the Bank of Italy's Board of Directors.

In order to express its opinion, the Board of Directors shall be convened and chaired by the most senior members in order of appointment or, if this is the same, in order of age. An opinion, approved by a qualified majority of two thirds of the members of the Board, shall be issued for the purposes of the resolution of the Council of Ministers.

Appointment of the other members of the Governing Board

The Board of Directors, acting on a proposal from the Governor, shall appoint the Senior Deputy Governor and the Deputy Governors, reappoint them and remove them from office for the reasons set out in Article 14(2) of the Statute of the ESCB.

At least two thirds of the Board members must be present for decisions to be taken and the affirmative vote of at least two thirds of those present is required.

The appointment, reappointment and removal from office of the Senior Deputy Governor and the Deputy Governors must be approved by a Presidential Decree, prompted by the President of the Council of Ministers in coordination with the Minister of Economy and Finance after having consulted the Council of Ministers.

Economic treatment of the members of the Directorate (Governing Board)

Earlier versions of the documents published in this section

Related Topics

Speeches by the Governor

The section contains all the spechees by the Governor.

Speeches by the other members of the Directorate (Governing Board)

This section contains speeches by the members of the Directorate (Governing Board), with the exception of those given by the Governor, which are published in a dedicated section.

Governors and Directors Generals

The Bank of Italy was founded on 1 January 1894 by Law 449 of 10 August 1893. The highest appointment at the time was that of Director General, and until 1899 he and two deputies formed the Board of Management. The Directorate was instituted with the reform of the Statute, ratified by Decree 1404 of 21 June 1928, which created the post of Governor and, below that, the posts of Director General and Deputy Director General.