Ignazio Visco

Ignazio Visco OMRI (Italian pronunciation: [iɲˈɲattsjo ˈvisko]; born 21 November 1949) is an Italian economist and the current Governor of the Bank of Italy.[1][2]

Not to be confused with Vincenzo Visco.

Ignazio Visco

OMRI
Governor of the Bank of Italy
Assumed office
1 November 2011
Preceded byMario Draghi
Deputy Director General
of the Bank of Italy
In office
9 January 2007 – 1 November 2011
Preceded byPierluigi Ciocca
Succeeded bySalvatore Rossi
Personal details
Born (1949-11-21) 21 November 1949
Naples, Italy
Alma materSapienza University
University of Pennsylvania

Early life and education

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 1981.[3]

Career

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).

On 28 January 2015,[6] Ignazio 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, however, President Sergio Mattarella signed a decree to reappoint Visco for a second six-year term.[10][11][12]

Other activities

European Union institutions

International organizations

Works
  • Price Expectations in Rising Inflation, North Holland, 1984
  • Le aspettative nell'analisi economica, Il Mulino, 1985
  • Inflazione, concorrenza e sviluppo (with Stefano Micossi), Il Mulino, 1993
  • 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
Knight of the Order of Merit of the Italian Republic - awarded on 2 June 1991[16]
Officer of the Order of Merit of the Italian Republic - awarded on 27 December 1993[16]
Commander of the Order of Merit of the Italian Republic - awarded on 2 June 2002[16]
Grand Officer of the Order of Merit of the Italian Republic - awarded on 2 June 2007[16]
Knight Grand Cross of the Order of Merit of the Italian Republic – awarded on 25 October 2011[16]

References
  1. Bio from the Bank of Italy website
  2. "Bankitalia, alla fine l'outsider: Berlusconi sceglie Ignazio Visco". la Repubblica (in Italian). 20 October 2011. Retrieved 21 October 2011.
  3. "Berlusconi chooses Ignazio Visco to head Bank of Italy". AFP Global Edition. 20 October 2011. Retrieved 19 June 2013.
  4. Bocciarelli, Rossella (20 December 2006). "Giovanni Carosio e Ignazio Visco nel Direttorio di Bankitalia". Il Sole 24 Ore (in Italian). Retrieved 21 October 2011.
  5. Donovan, Jeffrey (24 October 2011). "Italian President Signs Decree to Name Visco Bank of Italy Head". Bloomberg Businessweek. Retrieved 1 November 2011.
  6. "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.
  7. 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.
  8. "Case against Visco shelved". ANSA news agency. 20 September 2016. Retrieved 21 September 2016.
  9. Politi, James (17 October 2017). "Italy's ruling party looks to oust central bank chief". Financial Times.
  10. Giada Zampano (27 October 2017), UN's $61 Billion Pension Fund Gets New Chief After Shortfalls Politico Europe.
  11. Politi, James (27 October 2017). "Italian president approves Visco second term as Bank of Italy governor". Financial Times.
  12. Steve Scherer and Gavin Jones (27 October 2017), Bank of Italy's Visco gets second term despite Renzi dissent Reuters.
  13. Members European Systemic Risk Board (ESRB).
  14. sites/www.devcommittee.org/files/documents/DCMembers_1.pdf Members Joint World Bank-IMF Development Committee.
  15. Board of Governors World Bank.
  16. web, Segretariato generale della Presidenza della Repubblica-Servizio sistemi informatici- reparto. "Le onorificenze della Repubblica Italiana". Quirinale (in Italian). Retrieved 24 February 2018.
Civic offices
Preceded by
Pierluigi Ciocca		 Deputy Director General of the Bank of Italy
2007–2011		 Succeeded by
Salvatore Rossi
Preceded by
Mario Draghi		 Governor of the Bank of Italy
2011–present		 Incumbent
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