Fabio Panetta
{{Short description|Italian economist (born 1959)}}
{{Use dmy dates|date=September 2020}}
{{Infobox officeholder
|name = Fabio Panetta
|image = Fabio Panetta 2023 (cropped).jpg
|office = Governor of the Bank of Italy
|term_start = 1 November 2023
|term_end =
|predecessor = Ignazio Visco
|successor =
|office2 = Member of the Executive Board of the European Central Bank
|term_start2 = 1 January 2020
|term_end2 = 31 October 2023
|predecessor2 = Benoît Cœuré
|successor2 = Piero Cipollone
|office3 = Director General of the Bank of Italy
|governor3 = Ignazio Visco
|term_start3 = 10 May 2019
|term_end3 = 31 December 2019
|predecessor3 = Salvatore Rossi
|successor3 = Daniele Franco
|birth_date = {{birth date and age|df=y|1959|8|1}}
|death_date =
|death_place =
|education = LUISS University (Laurea)
London School of Economics (MSc)
London Business School (PhD)
}}
Fabio Panetta (born 1 August 1959) is an Italian economist who has been serving as Governor of the Bank of Italy since 2023. He previously served as a member of the Executive Board of the European Central Bank from 2020 until 2023. Prior to his ECB appointment, Panetta served as Senior Deputy Governor of the Bank of Italy and concurrently as President of the Institute for the Supervision of Insurance from May to December 2019.{{Cite news |last=Arnold |first=Martin |last2=Kazmin |first2=Amy |date=2023-06-27 |title=ECB’s Fabio Panetta to become head of Italy’s central bank |work=Financial Times |url=https://www.ft.com/content/c13567ba-82a1-44d0-a454-d253a13af096 |access-date=2023-09-26}}
Early life and education
The son of the former mayor of Pescosolido (Frosinone), Paolino Panetta,{{cite news|first=Stefani|last=Cingolani|url=https://www.ilfoglio.it/economia/2019/03/28/news/vita-battaglie-europee-e-carriera-in-banca-ditalia-di-panetta-245726/|title=Vita, battaglie europee e carriera in Banca d'Italia di Panetta|access-date=26 June 2020|archive-date=29 June 2020|archive-url=https://web.archive.org/web/20200629201216/https://www.ilfoglio.it/economia/2019/03/28/news/vita-battaglie-europee-e-carriera-in-banca-ditalia-di-panetta-245726/|url-status=live}} Panetta was born in Rome in 1959. After graduating with honours in Economics from LUISS University (Rome) in 1982, he obtained an M.Sc. in Monetary Economics from the London School of Economics and a Ph.D in Economics and Finance from the London Business School.{{Cite web |title=Luiss Guido Carli {{!}} Libera Università Internazionale degli Studi Sociali, Roma |url=https://www.luiss.edu/news/2020/01/07/member-executive-board-ecb-fabio-panetta-luiss-alumnus-2019?category=&date= |access-date=2024-07-02 |website=Luiss Guido Carli |language=en}}{{Cite web |date=2023-04-24 |title=Fabio Panetta |url=https://www.bruegel.org/people/fabio-panetta |access-date=2024-07-02 |website=Bruegel {{!}} The Brussels-based economic think tank |language=en}}{{Cite web |last=TINAGLI |first=Irene |title=REPORT on the Council recommendation on the appointment of a Member of the Executive Board of the European Central Bank {{!}} A9-0049/2019 {{!}} European Parliament |url=https://www.europarl.europa.eu/doceo/document/A-9-2019-0049_EN.html |access-date=2024-07-02 |website=www.europarl.europa.eu |language=en}}
Career
Panetta joined the Bank of Italy'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.{{cite web
| url =https://www.ecb.europa.eu/ecb/orga/decisions/html/cvpanetta.en.html
| title =Fabio Panetta CVs on the ECB website
| access-date =23 July 2021
| archive-date =23 July 2021
| archive-url =https://web.archive.org/web/20210723084929/https://www.ecb.europa.eu/ecb/orga/decisions/html/cvpanetta.en.html
| url-status =live
}} 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 IMF, the G10, the ECB and the BIS.{{Cite web |last=d'Italia |first=Banca |title=Bank of Italy - Fabio Panetta |url=https://www.bancaditalia.it/chi-siamo/funzioni-governance/direttorio/fabio-panetta/https%3A%2F%2Fwww.bancaditalia.it%2Fchi-siamo%2Ffunzioni-governance%2Fdirettorio%2Ffabio-panetta%2Findex.html%3Fcom.dotmarketing.htmlpage.language%3D1 |access-date=2024-07-02 |website=www.bancaditalia.it |language=en}} 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 and substitute for the Governor on the ECB's Governing Council. He is also a member of the ECB Supervisory Board, which took over European Banking Supervision on 4 November 2014.
Since 1 January 2020 Panetta has been an Executive Board member at the European Central Bank, replacing the French Benoît Cœuré. He is responsible for the directorates dealing with International and European relations, with market infrastructure, payments and banknotes.{{cite web
| url =https://www.ecb.europa.eu/ecb/pdf/orga/distributionofresp3_EB.pdf?4db2d62776f862d6302dc19ec0251e39
| title =Distribution of responsibilities among the Members of the Executive Board of the ECB and the Chief Services Officer
| access-date =26 June 2020
| archive-date =28 June 2020
| archive-url =https://web.archive.org/web/20200628172148/https://www.ecb.europa.eu/ecb/pdf/orga/distributionofresp3_EB.pdf?4db2d62776f862d6302dc19ec0251e39
| url-status =live
Panetta is known among his colleagues for his staunch defense of Italian banking systems and an opponent of bail-in-rules.{{cite web|url=https://www.bloomberg.com/news/articles/2019-10-09/-fighter-panetta-awaits-role-as-ecb-s-next-italian-after-draghi|title=Fabio Panetta Awaits Role as ECB’s Next Italian After Draghi|website=Bloomberg|last1=Albanese|first1=Chiara|last2=Sirletti|first2=Sonia|last3=Speciale|first3=Alessandro|date=October 9, 2019|accessdate=August 24, 2020|archive-date=7 December 2019|archive-url=https://web.archive.org/web/20191207141731/https://www.bloomberg.com/news/articles/2019-10-09/-fighter-panetta-awaits-role-as-ecb-s-next-italian-after-draghi|url-status=live}}
On 27 June 2023, the Italian Council of Ministers, on the proposal of Prime Minister Giorgia Meloni, appointed Panetta as new Governor of the Bank of Italy, succeeding Ignazio Visco starting from 1 November 2023.{{Cite web |date=2023-06-28 |title=Chi è Fabio Panetta, il prossimo governatore della Banca d'Italia |url=https://www.ilpost.it/2023/06/28/fabio-panetta-banca-italia/ |access-date= |website=Il Post |language=it-IT}}
Other activities
- Leibniz Institute for Financial Research (SAFE), Member of the Policy Council[https://safe-frankfurt.de/policy-center/about/policy-advisory-council.html Policy Council] {{Webarchive|url=https://web.archive.org/web/20211121171726/https://safe-frankfurt.de/policy-center/about/policy-advisory-council.html |date=21 November 2021 }} Leibniz Institute for Financial Research (SAFE).
Recognition
In December 2019 Panetta was awarded the honorary title of Knight Grand Cross of the Order of Merit of the Italian Republic.
Personal life
Panetta is married and has three children: Giulia, Paolo and Edoardo. {{cite web|url=https://www.europarl.europa.eu/doceo/document/A-9-2019-0049_EN.html|title=Proposal for a European Parliament Decision|access-date=26 June 2020|archive-date=28 June 2020|archive-url=https://web.archive.org/web/20200628235329/https://www.europarl.europa.eu/doceo/document/A-9-2019-0049_EN.html|url-status=live}}
References
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{{s-gov}}
{{s-bef|before=Anna Maria Tarantola}}
{{s-ttl|title=Deputy Director General of the Bank of Italy|years=2012–2019}}
{{s-aft|after=Alessandra Perrazzelli}}
|-
{{s-bef|before=Salvatore Rossi}}
{{s-ttl|title=Director General of the Bank of Italy|years=2019}}
{{s-aft|after=Daniele Franco}}
|-
{{s-bef|before=Ignazio Visco}}
{{s-ttl|title=Governor of the Bank of Italy|years=2023–present}}
{{s-inc}}
{{s-end}}
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{{G20-CBGovernors}}
{{Authority control}}
{{DEFAULTSORT:Panetta, Fabio}}
Category:Executive Board of the European Central Bank members