Born in Rome.
Governor of the Bank of Italy from 1 November 2023 (Presidential Decree of 10 July 2023, published in Gazzetta Ufficiale no. 161 of 12 July 2023).
He is also Chairman of the joint Governing Board of the Italian Insurance Supervisory Authority (IVASS).
As Governor of the Bank of Italy, he is a member of the Governing Council and General Council of the European Central Bank (ECB), the General Board of the European Systemic Risk Board (ESRB), the Board of Directors of the Bank for International Settlements (BIS), the Steering Committee of the Financial Stability Board (FSB), the Boards of Governors of the World Bank, the Asian Development Bank (ADB), the International Monetary Fund (IMF) and the Inter-American Development Bank (IADB). He takes part in the Group of Seven (G7) and Group of Twenty (G20) Finance Ministers and Central Bank Governors Meetings.
He is Chair of the BIS Committee on Payments and Market Infrastructures (CPMI) and the FSB Cross Border Payments Coordination Group from 1 November 2023.
He was awarded the honorary title of Knight Grand Cross of the Order of Merit of the Republic of Italy (2019).
He was a member of the European Central Bank's Executive Board from 2020 to 2023.
He served as Chair of the Policy Advisory Council at Leibniz Institute for Financial Research SAFE from 2021 to 2023.
Between 2020 and 2023, he was Chair of the Euro Retail Payments Board (ERPB) and of the Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB). He was a member of the Board of Directors of the Bank for international Settlements between 2015 and 2018.
He is a member of the Board of Directors of the International Center for Monetary and Banking Studies (ICMB) in Geneva.
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.
Between 8 October 2012 and 9 May 2019, he served as Deputy Governor of the Bank of Italy. He became a member of the joint Governing Board of IVASS on 1 January 2013.
He was Senior Deputy Governor of the Bank of Italy and President of IVASS from 10 May 2019 to 31 December 2019.
He was an alternate member of the G7 (Finance Ministers and Central Bank Governors Meetings) and of the G20.
He was a member of the Supervisory Board of the Single Supervisory Mechanism at the ECB from 2014 to July 2019.
From 2004 onwards, he took part in ECB Governing Council meetings, initially as an Accompanying Person and subsequently as an Alternate to the Governor.
Member of the Committee on the Global Financial System of the Bank for International Settlements from 2003 to January 2019.
He has represented the Bank at various international organizations, including the OECD, the G10, the BIS, the ECB and the IMF. He has chaired international working groups within the G10, the BIS and other international institutions.
He was a member of the Governing Council of the Einaudi Institute for Economics and Finance (EIEF).
He has taught university courses in Economics and Finance.
His research has been published in international journals, including the American Economic Review; The Journal of Finance; the Journal of Money, Credit and Banking; the European Economic Review; the Journal of Banking and Finance; Economic Notes; Moneta e Credito; 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) edited 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.