Fabio Panetta (born 1 August 1959) is an Italian economist who has been serving as

Governor of the Bank of Italy The Governor of the Bank of Italy is the most senior position in the Bank of Italy. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming his or her successor. List of Governors ...

since 2023. He previously served as a member of the

Executive Board of the European Central Bank The Executive Board of the European Central Bank is the organ responsible for implementing monetary policy for the Eurozone in line with the guidelines and decisions taken by the Governing Council of the European Central Bank. The executive boar ...

from 2020 until 2023. Prior to his ECB appointment, Panetta served as Senior Deputy Governor of the

Bank of Italy The Bank of Italy (Italian language, Italian: ''Banca d'Italia'', , informally referred to as ''Bankitalia'') is the National central bank (Eurosystem), national central bank for Italy within the Eurosystem. It was the Italian central bank from ...

and concurrently as President of the

Institute for the Supervision of Insurance The Institute for the Supervision of Insurance (in Italian Istituto per la vigilanza sulle assicurazioni also known as IVASS) is the Italian insurance supervisory authority, an independent authority responsible for supervising and regulating all ins ...

from May to December 2019.

Early life and education

The son of the former mayor of

Pescosolido Pescosolido (; locally ''Pesc'tësòllërë'') is a ''comune'' (municipality) in the Province of Frosinone in the Italian region Lazio, located about east of Rome and about northeast of Frosinone. Pescosolido borders the following municipalitie ...

(

Frosinone Frosinone (; local dialect: ) is a ''comune'' (municipality) in the Italian region of Lazio, administrative seat of the province of Frosinone. It is about southeast of Rome, close to the Rome-Naples A1 Motorway. The city is the main city of th ...

), Paolino Panetta, Panetta was born in

Rome Rome (Italian language, Italian and , ) is the capital city and most populated (municipality) of Italy. It is also the administrative centre of the Lazio Regions of Italy, region and of the Metropolitan City of Rome. A special named with 2, ...

in 1959. After graduating with honours in

Economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...

from LUISS University (Rome) in 1982, he obtained an M.Sc. in Monetary Economics from the

London School of Economics The London School of Economics and Political Science (LSE), established in 1895, is a public research university in London, England, and a member institution of the University of London. The school specialises in the social sciences. Founded ...

and a Ph.D in Economics and Finance from the

London Business School London Business School (LBS) is a business school and a constituent college of the federal University of London. LBS was founded in 1964 and awards post-graduate degrees (Master's degree, Master's degrees in management and finance, Master of B ...

Career

Panetta joined the

'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 The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute,

. From 2010 to 2012 he was Director in charge of the Financial Stability Report. From 8 October 2012 to 9 May 2019 Panetta served as Deputy Director-General of the Bank of Italy, and immediately after he became Senior Deputy Governor of the Bank of Italy (Presidential Decree of 3 May 2019). He has held important positions and represented the Bank of Italy in numerous European and international institutions, including the

OECD The Organisation for Economic Co-operation and Development (OECD; , OCDE) is an international organization, intergovernmental organization with 38 member countries, founded in 1961 to stimulate economic progress and international trade, wor ...

, the

IMF The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of la ...

, the G10, the ECB and the BIS. He is also a member of the directorate of the Bank of Italy and of the Institute for Insurance Supervision as well as a member of the board of directors of the

Bank for International Settlements The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central bank ...

and substitute for the Governor on the ECB's Governing Council. He is also a member of the

ECB Supervisory Board The Supervisory Board of the European Central Bank is the main operational decision-making body within the European Central Bank on bank supervision matters, within the framework of European Banking Supervision. It meets twice a month to discuss, ...

, which took over

European Banking Supervision European Banking Supervision, also known as the Single Supervisory Mechanism (SSM), is the policy framework for the prudential supervision of banks in the euro area. It is centered on the European Central Bank (ECB), whose supervisory arm is re ...

on 4 November 2014. Since 1 January 2020 Panetta has been an Executive Board member at the

European Central Bank The European Central Bank (ECB) is the central component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's Big Four (banking)#International ...

, replacing the French

Benoît Cœuré Benoît Georges Cœuré (; born 17 March 1969) is a French economist who has been serving as President of the Autorité de la concurrence, ''Autorité de la concurence'' since 2022. He previously served as a member of the Executive Board of the E ...

. He is responsible for the directorates dealing with International and European relations, with market infrastructure, payments and banknotes. Panetta is known among his colleagues for his staunch defense of Italian banking systems and an opponent of bail-in-rules. On 27 June 2023, the Italian

Council of Ministers Council of Ministers is a traditional name given to the supreme Executive (government), executive organ in some governments. It is usually equivalent to the term Cabinet (government), cabinet. The term Council of State is a similar name that also m ...

, on the proposal of Prime Minister

Giorgia Meloni Giorgia Meloni (; born 15 January 1977) is an Italian politician who has served as Prime Minister of Italy since 2022. She is the first woman to hold the office. A member of the Chamber of Deputies (Italy), Chamber of Deputies since 2006, s ...

, appointed Panetta as new

, succeeding

Ignazio Visco Ignazio Visco (; born 21 November 1949) is an Italian economist and central banker and Governor of the Bank of Italy from 2011 to 2023. Early life and education Visco was born in Naples on 21 November 1949. He obtained a ''summa cum laude'' d ...

starting from 1 November 2023.

Other activities

* Leibniz Institute for Financial Research (SAFE), Member of the Policy Council

Recognition

In December 2019 Panetta was awarded the honorary title of Knight Grand Cross of the

Order of Merit of the Italian Republic The Order of Merit of the Italian Republic () is the most senior Italian order of merit. It was established in 1951 by the second President of Italy, President of the Italian Republic, Luigi Einaudi. The highest-ranking honour of the Republi ...

Personal life

Panetta is married and has three children: Giulia, Paolo and Edoardo.

References

, - , - {{DEFAULTSORT:Panetta, Fabio 1959 births Executive Board of the European Central Bank members Italian economists Living people