Gioia Cellai

Gioia Cellai

Deputy Director General for Markets and monetary policy operations

Born in Rome, she has served as Deputy Director General for Markets and Monetary Policy Operations since July 2025. She is a member of the Market Operations Committee of the European Central Bank, an alternate member of the Markets Committee of the Bank for International Settlements, and one of the advisors to Assiom Forex chosen by the Bank.

She graduated in Political Science with a focus on international studies from La Sapienza University. In 1991, she joined Banca d'Italia at the Foreign Exchange Operations Department, where she was involved in currency interventions and reserve management. During the same period, she also provided support to the Chairman of the Foreign Exchange Policy Sub-Committee in preparatory activities leading up to the launch of the single currency.

Starting in 1999, she worked in the Official Reserve Management Division within the Directorate for Monetary Policy and Foreign Exchange Operations. In 2011, she became Head of the Investment Operations Division in the Directorate for Financial Investments, responsible for the operational management of all foreign currency and euro-denominated investments of the Bank.

From 2016 to 2020, she was Deputy Head of the Operations and Payments Settlement Directorate. Over the following five-year period, she served as Head of the Market Operations Directorate.

She is the author of publications on central bank reserve management and represents the Bank in various international forums on topics related to the operational conduct of monetary policy and reserve investments.