Massimiliano Di Teodoro

Massimiliano Di Teodoro

Head of the Planning and Controls Directorate

Born in Parma on 24 April 1968, since February 2026 he has been Head of the Planning and Control Department.

After serving in the Italian State Police between 1989 and 1991, he graduated with honours in Economics and Business from the University of Ancona in 1994, presenting an experimental thesis on mathematical models for the valuation of options and futures. In 1995 he obtained a Master's Degree in International Marketing and Foreign Trade from IFOA in Reggio Emilia and was hired as product manager at A.E.A. of the Loccioni Group.

In 1996 he began working at Banca d'Italia in the Expenditure Verification Department, where he initially focused on the development project of the expenditure procedure. Between 1997 and 2005 he worked on the management of the analytical accounting system and functional indicators, and collaborated continuously with the Payment System Department and other institutional functions on issues related to pricing and fee-setting for the Bank's payment, settlement and custody services, as well as on international cost benchmarking.

From 2006 he focused on reforming the Bank's budget model and its maintenance, contributed to the development of the new strategic planning system, and oversaw the introduction of the cost–benefit analysis methodology. In 2015 he became Head of the Budget and Expenditure Procedure Division, where he coordinated the project for the digitalisation of the invoice payment process and the development and implementation of the three‑year budget.

Between 2021 and 2023 he was assigned to the Accounts Department in a staff position where he worked on defining the Bank's three‑year balance sheet forecasting model and on developing proposals to harmonise the criteria for analysing and managing accounting, fiscal and expenditure risks.

In February 2023 he was appointed Deputy Head of the Planning and Control Department.

In the international arena, starting in 2000 he represented the Bank in several working groups under the Eurosystem Committees PSSC, BANCO, COMCO and BUCOM. Within these bodies, he promoted in particular the development of the first harmonised Eurosystem cost‑accounting model, contributed to the design of financial envelope and assessment frameworks for Eurosystem projects, and served as speaker at the ESCB Project Management Conference (2011) and the COMCO Seminar (2015 and 2017). He also took part, between 2004 and 2010, in the design phases of Target2 and Target2‑Securities concerning budgeting, cost‑sharing and fee‑setting aspects. In 2013 he was a testimonial in the ECB's communication initiative 'Working for the Eurosystem'. In 2020 he became alternate member of BUCOM, and in 2025 he was appointed full member.