Born in Rome in 1942. He took postgraduate courses in monetary and international economics at Princeton University. He joined the Bank of Italy in 1967 and from 1970 to 1975 he was seconded to the IMF. Upon returning to the Bank he continued his career in the Research Department. In 1984 he became head of the Foreign Department and in 1997 he was appointed Central Manager for International Affairs.

In 2003 he left the Bank of Italy to become Vice President of the European Bank for Reconstruction and Development (EBRD), a position he held until 2006 when he was appointed Director General of the Bank of Italy. In April he resigned to become Minister for the Economy and Finance and held the position until February 2014. From 2014 he has been Director General Emeritus of the Bank.

Died on August 2019.