Ignazio Visco
Ignazio Visco | |
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Governor of the Bank of Italy | |
In office 1 November 2011 – 31 October 2023 | |
Preceded by | Mario Draghi |
Succeeded by | Fabio Panetta |
Deputy Director General of the Bank of Italy | |
In office 9 January 2007 – 1 November 2011 | |
Governor | Mario Draghi |
Preceded by | Pierluigi Ciocca |
Succeeded by | Salvatore Rossi |
Personal details | |
Born | Naples, Italy | 21 November 1949
Education | Sapienza University University of Pennsylvania |
Ignazio Visco OMRI (Italian pronunciation: [iɲˈɲattsjo ˈvisko]; born 21 November 1949) is an Italian economist and central banker and Governor of the Bank of Italy from 2011 to 2023.[1][2]
Early life and education
[edit]Visco was born in Naples on 21 November 1949.[3] He obtained a summa cum laude degree in economics from the Sapienza University of Rome[3] in 1971 with Federico Caffè as supervisor and continued his studies at the University of Pennsylvania (Economics Department), where he obtained an MA in 1974 and a PhD in Economics in 1981.[3]
Career
[edit]In 1972, Visco began his career at the Bank of Italy and in 1990 he was named head of the research department; from 1997 to 2002 he was chief economist of the Organisation for Economic Co-operation and Development (OECD) and on 9 January 2007 he was named deputy director-general of the Bank of Italy (alongside Giovanni Carosio) and a member of its Direttorio (Board of Directors).[4]
On 24 October 2011, Visco was named to succeed Mario Draghi as governor of the Bank of Italy by Italian President Giorgio Napolitano.[2][5]
Starting from 1 January 2013, in accordance with Legislative Decree 95/12 (converted into law, with modifications, from Law no.135/2012), he also holds the position of chairman of the joint governing board of the Italian Insurance Supervisory Authority (IVASS).[citation needed]
On 28 January 2015,[6] Visco was placed under investigation by the Prosecutor of Spoleto as part a probe into the special administration of Banca Popolare di Spoleto.[7] In September 2016, the case was definitively dropped by a judge, upholding the prosecutor's request.[8]
During his time in office, Visco came under fire for failing to effectively tackle Italy's banking woes. In October 2017, the country's ruling centre-left Democratic Party submitted a motion in Parliament calling for new leadership at the Bank of Italy, casting doubt on Visco's chances of being reappointed to a second term.[9] Following a proposal made by Prime Minister Paolo Gentiloni and his cabinet to renominate Visco and the endorsement of the Bank of Italy's high council, President Sergio Mattarella signed a decree to reappoint Visco for a second six-year term.[10][11][12]
Other activities
[edit]European Union institutions
[edit]- European Systemic Risk Board (ESRB), Ex-Officio Member[13]
International organizations
[edit]- Asian Development Bank, ex-officio member of the Board of Governors
- Bank for International Settlements, ex-officio member of the Board of Directors
- Financial Stability Board, ex-officio member of the steering committee
- Inter-American Development Bank, alternate member of the Board of Governors
- International Monetary Fund (IMF), alternate member of the Board of Governors
- American Economic Association, member
- Joint World Bank-IMF Development Committee, member[14]
- World Bank, ex-officio member of the Board of Governors[15]
Non-profit organizations
[edit]- Osservatorio Permanente Giovani-Editori, Member of the International Advisory Board[16]
Works
[edit]- Price Expectations in Rising Inflation, North Holland, 1984. ISBN 978-0-444-86836-7.
- Le aspettative nell'analisi economica, Il Mulino, 1985
- Inflazione, concorrenza e sviluppo (with Stefano Micossi), Il Mulino, 1993. ISBN 978-88-15-03866-1.
- Saving and the Accumulation of Wealth (with Albert Ando and Luigi Guiso), Cambridge University Press, 1994
- L'economia italiana (with Federico L. Signorini), Il Mulino, 2002
- Ageing and Pension System Reform (as Chairman of the G-10 Working Group), 2005 (PDF)
- Investire in conoscenza, Il Mulino, 2009
Awards and honors
[edit]![]() | Knight of the Order of Merit of the Italian Republic – awarded on 2 June 1991[17] |
![]() | Officer of the Order of Merit of the Italian Republic – awarded on 27 December 1993[17] |
![]() | Commander of the Order of Merit of the Italian Republic – awarded on 2 June 2002[17] |
![]() | Grand Officer of the Order of Merit of the Italian Republic – awarded on 2 June 2007[17] |
![]() | Knight Grand Cross of the Order of Merit of the Italian Republic – awarded on 25 October 2011[17] |
See also
[edit]References
[edit]- ^ d'Italia, Banca. "Bank of Italy – Ignazio Visco". bancaditalia.it. Retrieved 16 October 2022.
- ^ a b "Bankitalia, alla fine l'outsider: Berlusconi sceglie Ignazio Visco". La Repubblica (in Italian). 20 October 2011. Retrieved 21 October 2011.
- ^ a b c "Berlusconi chooses Ignazio Visco to head Bank of Italy". AFP Global Edition. 20 October 2011. Retrieved 19 June 2013.
- ^ Bocciarelli, Rossella (20 December 2006). "Giovanni Carosio e Ignazio Visco nel Direttorio di Bankitalia". Il Sole 24 Ore (in Italian). Retrieved 21 October 2011.
- ^ Donovan, Jeffrey (24 October 2011). "Italian President Signs Decree to Name Visco Bank of Italy Head". Bloomberg Businessweek. Archived from the original on 21 July 2012. Retrieved 1 November 2011.
- ^ "Atti Procura di Spoleto, Visco indagato. Bankitalia: non entriamo in merito vicenda Bps". Il Sole 24 Ore (in Italian). 20 October 2015. Retrieved 18 May 2016.
- ^ Elli, Stefano (21 October 2015). "Bank of Italy Governor Visco investigated for sale of troubled bank after shareholders' legal action". ItalyEurope24 by Il Sole 24 Ore. Retrieved 18 May 2016.
- ^ "Case against Visco shelved". ANSA news agency. 20 September 2016. Retrieved 21 September 2016.
- ^ Politi, James (17 October 2017). "Italy's ruling party looks to oust central bank chief". Financial Times.
- ^ Zampano, Giada (27 October 2017). "UN's $61 Billion Pension Fund Gets New Chief After Shortfalls". Bloomberg.
- ^ Politi, James (27 October 2017). "Italian president approves Visco second term as Bank of Italy governor". Financial Times.
- ^ Scherer, Steve; Jones, Gavin (27 October 2017). "Bank of Italy's Visco gets second term despite Renzi dissent". Reuters.
- ^ Members European Systemic Risk Board (ESRB).
- ^ Members Joint World Bank-IMF Development Committee.
- ^ Board of Governors World Bank.
- ^ International Advisory Board Osservatorio Permanente Giovani-Editori.
- ^ a b c d e web, Segretariato generale della Presidenza della Repubblica-Servizio sistemi informatici- reparto. "Le onorificenze della Repubblica Italiana". Quirinale (in Italian). Retrieved 24 February 2018.
External links
[edit] Media related to Ignazio Visco at Wikimedia Commons