Degree in Economics, University of Rome; PhD in Economics, University of Pennsylvania. Taught econometrics and economic policy, La Sapienza, University of Rome. 1974, with Bank of Italy: 1990-97, Head, Research Department. 1997-2002, Chief Economist and Head, Economics Department, OECD, Paris. 2006-11, Member of the Board, and since 2011, Governor, Bank of Italy.