Born in Rome on 22 November 1952, he graduated in Political Science from the University of Rome ‘La Sapienza’ and attended post-graduate courses at the University of Oxford on a Bonaldo Stringher scholarship.

He joined the Bank of Italy in 1976 and was assigned to the Economic Research Department, where he remained until 1992 as Head of the Credit Intermediaries Office.

From 1992 to 2003 he served as Head of the Analysis and Research Division of the department responsible for banking and financial regulation; in 2004 he was appointed Deputy Head of the Banking Supervision Department, a position he held until December 2006.

In that period, he represented the Bank of Italy on the Banking Supervision Committee of the ESCB and on the Basel Committee on Banking Supervision.

He then became Head of the Payment System Oversight Office and, in December 2008, Head of the Market and Payment System Oversight Department, also serving as a member of the European System of Central Banks’ Payment and Settlement Systems Committee and of the Bank for International Settlement’s Committee on Payment and Settlement Systems. In addition, he was a member of the CPSS-IOSCO Steering Group, which sets international standards for financial market infrastructures.

In January 2013 he was appointed Managing Director responsible for the Directorate General for Accounting and Controls, with the title of Accountant General; from January 2014 to the end of 2016 he was Head of that Directorate General. He was a member of the ECB’s Accounting and Monetary Income Committee and Budget Committee.

On 1 January 2017 he was appointed Head of the Directorate General for Markets and Payment Systems. He represents the Bank on the Committee on Payments and Market Infrastructures and other Committees at the BIS. He is a member of the Market Infrastructure Board and other ECB Committees.

He has been a visiting scholar at the University of California, Berkeley, and Pompeu Fabra University in Barcelona; he has also spent study periods at the International Monetary Fund, the Federal Reserve Bank of Chicago and the Banco de España. He has given lessons at the Universities of Rome ‘La Sapienza’, and ‘Tor Vergata’. He has written numerous essays on the economics of credit intermediaries.