Born in Rome in 1959.
Senior Deputy Governor of the Bank of Italy from 10 May 2019 (Presidential Decree of 3 May 2019) to 31 December 2019.
President of the Insurance Supervisory Authority (IVASS) from 10 May 2019 to 31 December 2019.
Member of the Board of Directors of the Bank for International Settlements from 2016 to 2018. He was the Governor's alternate on the Board.
He was an alternate member of the Group of Seven (G7) and of the Group of Twenty (G20)
He was a member of the Supervisory Board of the Single Supervisory Mechanism at the ECB from 2014 to July 2019.
Member of the Board of Directors of the International Center for Monetary and Banking Studies (ICMB) in Geneva and of the Governing Council of the Einaudi Institute for Economics and Finance (EIEF).
He was awarded the honorary title of Knight Grand Cross of the Order of Merit of the Republic of Italy (2019).
From 2004 to 2012 he took part in ECB Governing Council meetings as an Accompanying Person for Governor Antonio Fazio and Governor Mario Draghi. From 2012 to September 2016 he was the Governor's alternate on the ECB Governing Council.
Member of the Committee on the Global Financial System from 2003 to January 2019.
After graduating with honours in Economics from LUISS University (Rome) in 1982, he obtained an M.Sc. in Economics from the London School of Economics and a Ph.D in Economics and Finance from the London Business School.
He joined the Bank of Italy's Research Department in 1985, becoming head of its Monetary and Financial Division in 1999. From 2007 to 2011 he headed the Economic Outlook and Monetary Policy Department. In July 2011 he became Managing Director with the task of coordinating the Bank's activities relating to the Eurosystem and to financial stability. From 2010 to 2012 he chaired the editorial committee of the Bank of Italy's Financial Stability Report.
Deputy Governor of the Bank of Italy from 8 October 2012 to 9 May 2019. Member of the Joint Directorate of the Insurance Supervisory Authority (IVASS) from 1 January 2013.
He has represented the Bank at various international organizations, including the OECD, the G10, the Bank for International Settlements (BIS), the European Central Bank and the International Monetary Fund. He has chaired international working groups within the G10, the BIS and other international institutions.
He has taught university courses in Economics and Finance. His research has been published in international scientific journals, including The American Economic Review; The Journal of Finance; Journal of Money, Credit and Banking; European Economic Review; Journal of Banking and Finance; Economic Notes; and Il Giornale degli Economisti.
He is the author of Il sistema bancario italiano negli anni novanta: gli effetti di una trasformazione (Il Mulino, 2004) and Il sistema finanziario e il Mezzogiorno. Squilibri reali e divari finanziari (Cacucci, 2006) with L. Cannari.
He is a member of the Società Italiana degli Economisti, the American Finance Association and the American Economic Association. In 2006 he was awarded the 'Premio Giornalistico Internazionale Santa Margherita Ligure per l'Economia' as the best writer on economics.