Born in 1874, Luigi Einaudi was Professor in Public Finance at the universities of Turin and Milan-Bocconi and in Political Economy at the Turin Polytechnic. He contributed articles to numerous Italian and foreign newspapers and was editor of La Riforma Sociale until it was suppressed in 1935. He was a member of the Liberal Party and a Senator from 1919.

He was appointed Governor of the Bank of Italy in January 1945, a post he held until May 1948, although he no longer performed the duties after 31 May 1947 when he was nominated Deputy Prime Minister and Finance and Treasury Minister.

A month later he moved to the Budget Ministry, where he remained until May 1948, in charge of coordinating the other economic ministries. He was a member of the National Consultative Assembly and a Deputy to the Constituent Assembly. He was Vice President of the Accademia dei Lincei.

From May 1948 until May 1955 he was President of the Republic. At the end of his term of office he returned to teaching. Died in 1961.