Born in Siena on 13 October 1961, he graduated with honours in Economics from the University of Siena in 1986. After a brief research experience at that university, he continued his studies at Princeton University, where he obtained an MA in Economics in 1989.

He joined the Bank of Italy in 1990 to work in the Research Department, first in the international sector, then in the monetary and financial sector. In 1997-98 he spent a period as a visiting student at Harvard University. In 2007 he was appointed Head of the Monetary Analysis Division and in 2013 he became Deputy Head of the Economic Outlook and Monetary Policy Directorate.

He was appointed Head of the Market Operations Directorate in February 2017.

At the same time, he became a member of the ECB's Market Operations Committee, after serving on its Monetary Policy Committee from 2013 to January 2017. In February 2017 he was also named an alternate member of the Markets Committee of the Bank for International Settlements. He also represents the Bank in the Council of Assiom Forex, the Financial Markets Association of Italy.

He has published articles in various Italian and foreign scientific journals on topics related to monetary policy, the monetary unification process, the impact of the euro cash changeover on measured and perceived inflation, the determinants of credit during the financial crisis and the sovereign debt crisis.