Fabrizio Saccomanni is a prominent economist hailing from Italy. Aside from being a civil servant as well, he is best known for his tenure as deputy governor of the Bank of Italy.
Saccomanni was born on 22nd November, 1942, in Rome Italy. In 1966, he completed his M.A. in economics from the Bocconi University in Milan. After completing his Masters, Saccomanni sought to prolong his educational endeavors as he took an interest in the post graduate courses being offered by Princeton University in the United States. Among the subject areas he learned at these sessions were monetary and international economics.
After completing his studies, Saccomanni entered the corporate environment as part of the Bank of Italy. He joined the institution in 1967 and has spent the majority of his professional career as an employee of the firm. Saccomanni was promoted the role of a Director at the Italian Central Bank, requiring him to overlook International Affairs. In his years at the organization, he also operated as Head of International Research and the Head of the Foreign Department. In the latter role, Saccomanni oversaw foreign exchange transactions and managed the official reserves of the bank.
Between the years 1991 and 1998, Saccomanni led the Foreign Exchange Policy Committee of the European Monetary Institute as the Head of the Foreign Department as well. During his time at the Italian Central Bank, he also had brief stint at the International Monetary Fund, Washington. He served as an economist as part of the Exchange and Trade Relations department, but was later made assistant to the Executive Director of the organization in Italy. Saccomanni’s spell at the IMF lasted between the years 1970 and 1975, after which he returned to his former employers, the Italian Central Bank, as a member of the Research department.
Saccomanni was an active member of the esteemed group that the government of Italy assembled to manage the smooth transition in to single currency between the years 1998 and 2002. In this period, he also contributed to talks which took place to advocate the formation of the European Economic and Monetary Union.
On 5th February 2003, Fabrizio Saccomanni joined the European Bank for Reconstruction and Development (ERBD) and was made Vice President. He assumed the duties of Risk Management whereby he supervised the activities of the departments of Environment, Nulcear Safety and the Co-financing Unit along with the Risk Management department itself. His tenure lasted only three years however, as he left the organization in September 2006 to rejoin the Bank of Italy as Director General.
Adding to Saccomanni’s impressive resume are positions at world famous institutions and international committees such as the European Union, the European Central Bank, the Group of Seven and the Bank for International Settlements. He was affiliated with the economics and finance division of the EU, whereas he was the member of the team handling International Relations at the European Central Bank. Clearly possessing a diverse range of skills, Saccomanni assisted the Bank of International Settlements in the realm of the Global Financial System. He also wrote a book about the global financial crisis in 2008 which was titled, ‘Managing International Financial Instability: National Tamers Versus Global Tigers’.
Fabrizio Saccomanni was named alumnus of the year by Bocconi University in 2011. In 2013, following the general elections in Italy, the newly elected cabinet led by Enrico Letta announced its decision to appoint Saccomanni as the Minister of Economy and Finance, an office he was sworn in to on 28th April 2013.