Born in Rome on 4 February 1963.
Director General for Economics, Statistics and Research since 1 Decembre 2021.
He studied Economics at the University of Rome 'La Sapienza', where he graduated cum laude in 1988, and at the University of Pennsylvania, on a Giorgio Mortara scholarship, attaining a Ph.D. in Economics in 1998.
In 1992 he joined the Economic Research Department of the Bank of Italy, where he worked on the development of the quarterly econometric model and the production of macroeconomic forecasts for Italy.
From 1998 to 2006 he joined the European Central Bank, where he initially conducted analyses of the euro area economy before moving on to monetary policy issues. From 2000 to 2006 he was Deputy Head of the Monetary Policy Strategy Division of the ECB; he contributed to the work related to the 2003 Review of the ECB's monetary policy strategy.
From 2006 to 2008 he served as Economic Adviser of the Minister of the Economy and Finance of Italy. His main responsibilities included the preparation of the budget law, the design and launch of the first Spending Review for the Italian Public Administration and the organization of international meetings.
He returned to the Economic Research Department of the Bank of Italy in 2008. He was assigned various tasks, including the preparation of analyses and speeches for the members of the Board, the participation to the Economic and Financial Committee of the EU and the set-up of the Financial Stability Unit, which in 2014 became the Financial Stability Directorate. In 2012 he was appointed Deputy Head of the Market Operations Directorate.
From 2015 to 2021 he was Director General for Macroprudential Policies and Financial Stability at the European Central Bank. During this period, he was Chairman of the Financial Stability Committee of the Eurosystem and Co-Chair of the Macroprudential Supervision Group of the Basel Committee on Banking Supervision.
He is the author of studies and articles on monetary policy issues, inflation expectations and targets, consumption and savings, pension systems, analysis of the financial sector and macroprudential policy.
