He was born in Florence on 20 October 1955 and is married with two children.
He is Senior Deputy Governor of the Bank of Italy and President of the Insurance Supervisory Authority (IVASS) (Presidential Decree of 12 March 2021, published in the Italian Official Gazette No 97, dated 23 April 2021).
In this capacity, he is also the alternate for the Governor in various European and international forums, including the Financial Stability Board (FSB), the ECB General Council, the senior management of the Bank for International Settlements, and the G7 and the G20. As President of IVASS, he is on the European Systemic Risk Board (ESRB).
He studied Economics at the University of Florence, where he graduated with honours in 1979, and in the years 1980-81 at Harvard University on a Giorgio Mortara scholarship from the Bank of Italy.
Before joining the Bank of Italy, from 1975 to 1982, he worked as a journalist, a teacher and a policy advisor at regional level.
He joined the Bank of Italy's Economic Research Department in 1982, where he was initially concerned with industrial structure and policy, before moving on to business cycle analysis.
In 1986, he moved to the Bank's Florence branch and worked at the Bank's regional economic research unit, where he studied the development of the regional economy (with a particular focus on the industrial districts of the 'Third Italy') and the relationships between local economies and regional banking systems
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 Bank's regional research units and Head of the Real Economy Sector.
In 1998, he took over the Department's Statistics Sector and in 2007, he 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, Financial and Balance of Payments Statistics (where he was a member of the executive body from 2005 to 2008) and of other international statistical organizations.
In 2008, he moved to banking and financial supervision, first as Head of the Supervisory Regulations and Policies Department, where he oversaw the first regulatory measures taken in the wake of the financial crisis, and then as Head of the Banking Groups Supervision Department in 2009. In March 2012, he became Head of the Directorate General for Financial Supervision and Regulation (known at that time as the ‘Banking and Financial Supervision Area). On 11 February 2013, he was appointed as a Deputy Governor, thereby joining the Bank of Italy's Governing Board and the joint Governing Board of the Insurance Supervisory Authority (IVASS). He was reconfirmed by Presidential Decree on 3 May 2019.
From 2008 to 2021, he was a member of the Basel Committee on Banking and Supervision, which is the main forum for international banking cooperation. Over the years he has also been part of the Board of Supervisors of the European Banking Authority and of the European Union's Economic and Financial Committee. From 2013 to 2021, he regularly spoke on behalf of the Bank of Italy at regular parliamentary hearings on the Economic and Financial Document and on the relative Update.
As a researcher, he has written about Italy's economic structure, business cycle analysis, statistical and economic methodology, regional development and credit. In addition to institutional and business cycle topics, as a member of the Governing Board he has also spoken about, among other things, financial stability, banking regulation, legality, financial education, sustainable finance, the digital transition, and European integration. He has also commemorated some of the most important figures in the Bank's history, such as Bonaldo Stringher, Luigi Einaudi and Carlo Azeglio Ciampi. His speeches as President of IVASS have focused on insurance regulation, insurance against catastrophic events and consumer protection.
He has written a non-technical book on the Italian economy with Ignazio Visco and has edited two volumes of studies on industrial districts, one of which together with Massimo Omiccioli.