In October 2012 I completed my fourteenth year as Director General for Market Operations at the European Central Bank. There, I was responsible for implementing the monetary policy of the €-area as well as investing the foreign reserves and the own funds of the ECB. In this period, I went through two unprecedented experiences: first, establishing the euro in the market; second, defending it during the crisis that started in 2007.
After having left the ECB, I have been Chairman of the Board of the Prime Collateralised Securities and Non-Resident fellow of the Bruegel Institute, I have been teaching at the Universities of Milan (Politecnico) Pisa (Scuola Superiore S.Anna) and Rome (LUISS) and I have also been an Advisor to a Swiss bank. At the end of 2015 I was nominated Chair of the Selection Panel of the Hellenic Financial Stability Fund.
Before moving to the ECB I had a long career at the Banca d´Italia, first at the Research Department and then at the Foreign Relations Department, which had both policy and operational responsibilities. Between 1980 and 1983 I had an interesting period as Economic Advisor at the Directorate General for Economic and Financial Affairs of the European Commission.
My first degree was in Law, at the University of Rome in 1970. After that I concentrated on Economics and Business, first at Istituto Adriano Olivetti, Ancona, then at the London Business School. I also spent some short periods, in 1982 and 1987, as visiting scholar at the Massachusetts Institute of Technology.
I have published numerous articles and books on: monetary economics, international economics, international finance, economic development.