Antonio Scalia

Antonio Scalia

High-level advisor to the Director General

After graduating magna cum laude in Economics from LUISS University in Rome, he earned an M.Sc. in Economics from the London School of Economics and a Ph.D. from London Business School. He was a Visiting Scholar at the Haas School of Business, University of California, Berkeley.

He is Principal Director with the role of high-level advisor to the Directorate General for Markets and Monetary Policy Operations, where he oversees activities related to developments in artificial intelligence and its applications across the Directorate General, strategic foresight initiatives and the review of analytical work and scientific research intended for publication.

Upon joining Banca d'Italia he was assigned to the Financial Markets Division of the Economic Research Department. In 1995, he became Head of the Financial Analysis Division within the Monetary and Financial Markets Directorate and served as Test Manager for liquidity analysis in preparation for the introduction of the euro. He later coordinated the working groups responsible for monetary policy operations and foreign exchange interventions.

In 2005, he became Head of the Risk Management Office within the Monetary Policy and Foreign Exchange Department, where he was in charge of the strategic allocation of Banca d'Italia's reserves and the control of financial risk, including throughout the global financial crisis of 2008. In 2015, he was appointed Deputy Head of the Market Operations Directorate, where he was instrumental in implementing  the Corporate Sector Purchase Programme and coordinating Emergency Liquidity Assistance (ELA) operations for banks facing temporary liquidity shortages. He is a member of the ECB's Market Operations Committee.

From April 2020 to May 2026, he was Head of the Financial Risk Management Directorate and a member of the ECB's Risk Management Committee. During this period, he oversaw the publication of the Bank's 'Responsible Investment Charter' in 2021 and the launch of the Annual report on sustainable investments and climate-related risks in 2022. In 2025, Banca d'Italia received the Central Banking Award for risk management.

He has authored numerous publications in Italian and international journals on government securities markets, foreign exchange reserve management, the effects of regulation on banking activity and of corporate financing on capital markets. In 2022, Bancaria Editrice published his book 'Financial Risk Management and Climate Change Risk: The Experience in a Central Bank', followed by an English-language second edition published by Springer in 2023. In 2026, Springer published his book 'Corporate Credit Analysis and AI: Advancing the Rating System at a Central Bank'.

In 2023, his co-authored paper 'The cost of unconventional monetary policy measures. A risk manager's perspective' received the International Risk Management Conference's Best Paper Award for Market Risk. In the same year, his co-authored paper 'Asymmetric information and corporate lending: evidence from SME Bond Markets' received the Spanish Finance Association (AEFIN) BME Award for the Best Paper on Fixed Income Markets.