He was born in New York on 13 June 1957 and graduated in Economics and Business at the Università degli Studi di Roma in 1980. He continued his studies at the University of Chicago and achieved a Master's degree in Economics in 1981.
He joined the Bank of Italy in 1983 and was sent to the Economic Research Centre at the Turin branch. He was seconded to the International Monetary Fund (1984-1986) for two years and on returning to Rome he spent two years with the International Sector of the Research Department.
From 1988 he worked in the central bank and markets department and held various positions, first in the Monetary and Financial Markets Directorate and then in the Monetary Policy and Foreign Exchange Directorate(1999-2008), where he was responsible for implementing monetary policy operations. He was part of a work group set up by the European Monetary Institute to define the tools and operational conditions for the Eurosystem's monetary policy and then took part in ECB work groups on monetary policy management.
In 2008 he became Deputy Head of the Central Bank Operations Directorate, and was promoted to Head on 1 March 2012. He then became Head of the Market Operations Directorate in January 2014. During these years, he is a member of the ECB's Market Operations Committee, which draws up proposals for new monetary policy measures and for extending the range of assets accepted as collateral in order to provide the banking system with ample liquidity to mitigate the effects of the financial crisis.
Since 1 January 2017 he has been Deputy Head of the Markets and Payment Systems Directorate General. As part of this role he represents the Bank in the '4CB' group, comprising the Central Banks of Italy, Germany, France and Spain, which manages the infrastructures of and provides payment systems for the Eurosystem.