Born in Rome on 12 January 1953. He graduated in Economics from the University of Rome in 1977 and joined the Bank of Italy the following year. He won a Giorgio Mortara scholarship to pursue his studies for an MSc at the London School of Economics.

From 1979 to 1991 he worked in the Economic Research Department on the analysis of financial transactions and on foreign exchange liberalization. From 1988 to 1991 he was seconded to the Ministry of Trade as Economic Advisor. In 1991 he became head of the Analysis and Operations Division of the former Advances, Discounts and Clearing Department, in charge of analyzing bank liquidity and bank refinancing. He took part in various European working parties to study the tools of the single monetary policy. In 1999 he was appointed deputy head of the Payment Systems Directorate and has been acting head since 12 December 2006.

In this capacity he is responsible for the planning and management of the domestic payment systems and, with the Banque de France and the Bundesbank, of TARGET2. He is a member of the TARGET2 Steering Committee and of the Payment and Settlement Systems Committee at the European Central Bank.