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Mario Draghi succeeds Antonio Fazio as Bank of Italy governor

Mario Draghi succede ad Antonio Fazio come governatore della Banca d’Italia

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December 30, 2005

30 dicembre 2005

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Fazio has stepped down after an investigation into his role in a controversial bank takeover.

Fazio ha rassegnato le dimissioni in seguito alle inchieste della magistratura sul suo ruolo in una controversa scalata bancaria.

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Mario Draghi is to fill his shoes.

Mario Draghi ne prenderà il posto.

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Draghi's former job was managing director of the investment bank Goldman Sachs.

Il precedente ruolo di Draghi era di amministratore delegato della banca d’affari Goldman Sachs.

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Draghi will serve a six year term under a new law that set term limits for the Central banks governor passed last week.

Draghi resterà in carica per sei anni in base ad una nuova legge, approvata la scorsa settimana, che fissa un termine di durata per il ruolo di governatore della Banca Centrale.

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Draghi, who is 58, has had senior government positions in the past including director general of the Italian treasury.

Draghi, che ha 58 anni, ha ricoperto nel passato importanti posizioni di governo inclusa quella di Direttore Generale del Tesoro.

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He was born in Rome and earned a doctorate in economics from MIT in 1976.

Nato a Roma, ha conseguito un dottorato in economia presso il MIT nel 1976.

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After earning his degree he taught at the University of Florence until 1991.

Dopo aver conseguito la laurea, ha insegnato all’Università di Firenze fino al 1991.

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During this time Draghi was an Executive Director of the World Bank.

Durante questo periodo Draghi è stato Direttore Esecutivo della Banca Mondiale.

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During his tenure as director general of the treasury he carried out extensive privatisation and was appointed chairman of the Italian Committee for Privatisations.

Durante il suo incarico di direttore generale del tesoro ha effettuato un gran numero di privatizzazioni ed è stato nominato presidente del Comitato Italiano per le Privatizzazioni.  

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Analysts say he has a good reputation but "Draghi has a tough job to restore the Bank of Italy's credibility, but he is appreciated internationally and has done a lot of jobs and done them well," said Luigi Speranza, an economist with BNP Paribas.

Gli analisti gli attribuiscono una buona reputazione ma come afferma Luigi Speranza, un economista del BNP Paribas "Draghi ha il difficile compito di ridare credibilità alla Banca d’Italia, però è apprezzato a livello internazionale ed ha ricoperto molti incarichi e in tutti ha lavorato bene."

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Lorenzo Codogno, an economist with Bank of America, looks forward to Draghi's tenure as the governor of the central bank "His appointment should lead to a more open Italian bank market which will, in the end, mean Italians have to pay less for their bank services."

Lorenzo Codogno, economista della Banca d’America, non vede l'ora che inizi il mandato di Draghi come governatore della Banca Centrale "La sua nomina dovrebbe portare a una maggiore apertura del mercato bancario italiano e questo significa, in ultima analisi, che i cittadini italiani pagheranno meno i servizi bancari."

Mario Draghi succeeds Antonio Fazio as Bank of Italy governor

December 30, 2005

Fazio has stepped down after an investigation into his role in a controversial bank takeover.

Mario Draghi is to fill his shoes.

Draghi's former job was managing director of the investment ba<nk Goldman Sachs.

Draghi will serve a six year term under a new law that set term limits for the Central banks governor passed last week.

Draghi, who is 58, has had senior government positions in the past including director general of the Italian treasury.

He was born in Rome and earned a doctorate in economics from MIT in 1976.

After earning his degree he taught at the University of Florence until 1991.

During this time Draghi was an Executive Director of the World Bank.

During his tenure as director general of the treasury he carried out extensive privatisation and was appointed chairman of the Italian Committee for Privatisations.

Analysts say he has a good reputation but "Draghi has a tough job to restore the Bank of Italy's credibility, but he is appreciated internationally and has done a lot of jobs and done them well," said Luigi Speranza, an economist with BNP Paribas.

Lorenzo Codogno, an economist with Bank of America, looks forward to Draghi's tenure as the governor of the central bank "His appointment should lead to a more open Italian bank market which will, in the end, mean Italians have to pay less for their bank services."