|Minister of Economy and Finances|
17 May 2006 –8 May 2008
|Prime Minister||Romano Prodi|
|Preceded by||Giulio Tremonti|
|Succeeded by||Giulio Tremonti|
|Member of the Executive Board of the European Central Bank|
1 July 1998 –1 June 2005
|Preceded by||Position established|
|Succeeded by||Lorenzo Bini Smaghi|
|Born||23 July 1940|
|Died||18 December 2010 70) (aged|
|Spouse(s)||Fiorella Kostoris (Divorced)|
|Domestic partner||Barbara Spinelli|
|Education|| Bocconi University |
Massachusetts Institute of Technology
Tommaso Padoa-Schioppa, OMRI (Italian pronunciation: [tomˈmaːzo ˈpaːdoa ˈskjɔppa] ; 23 July 1940 – 18 December 2010) was an Italian banker and economist who was Italy's Minister of Economy and Finances from May 2006 until May 2008. He is considered as a founding father of the European single currency. He is a former member of the Steering Committee of the Bilderberg Group.
He was born in the mountain town of Belluno, in north-eastern Italy. Both his parents were intellectuals. His father, Fabio (1911–2012), whom he did not meet until after the war in 1945, was a teacher and later became a senior executive at the insurance company Assicurazioni Generali.
He graduated from Bocconi University (Milan) in 1966 and received a master's degree from the Massachusetts Institute of Technology in 1970. After his first job in Germany with the retailer C&A Brenninkmeijer, he joined the Bank of Italy in 1968, eventually becoming Vice-Director General from 1984 to 1997. In 1980 he became a member of the influential Washington-based financial advisory body, the Group of Thirty and remained one till his death. From 1993–97, he was president of the Basel Committee on Banking Supervision, and from 2000-05 Chairman of the Committee on Payment and Settlement Systems. In 1997–98 he was head of Consob, Italy's stock market supervision agency. He was a member of the European Central Bank's six-member executive board from its foundation in 1998 until the end of May 2005. In October 2005 he became president of Paris-based think tank Notre Europe.
On 17 May 2006 he was appointed as Economy and Finance Minister in the government of Romano Prodi, serving in that post until May 2008, when a new government headed by Silvio Berlusconi took office following the April 2008 general election. From October 2007 to April 2008 he was Chairman of the IMFC (International Monetary and Financial Committee), the top policy steering committee of the International Monetary Fund (IMF).In June 2009 he was appointed as chairman for Europe of the private finance consulting Promontory Financial Group.
He was married to the economist Fiorella Kostoris; they have three children. After their divorce, he became the companion of Barbara Spinelli, a journalist, daughter of Altiero Spinelli and Ursula Hirschmann.
Padoa-Schioppa died on 18 December 2010, aged 70, after suffering a fatal heart attack during a dinner he had organized in Rome.
In 2006 Padoa-Schioppa coined the expression "il tesoretto" (the little treasure) to describe the increased government revenues under his administration. The term was widely used by politicians as they debated how this new money should be spent. In October 2007 he spoke to a parliamentary committee about the government's plan for tax relief (approx. €500/year) to people 20–30 years old still living with their family, saying it would help them move out on their own. He used the ironic or sarcastic term "bamboccioni" (big dummy boys, or big stuffed children) and this created a big fuss in Italian public opinion.
Newspapers received numerous letters from readers personally taking offence and pointing out that he understood little about the situation of a considerable part of the 20–30 years old Italian population, who live on approximately €1,000 per month and cannot afford to leave their parents' house.According to some lexicographers, "bamboccioni" was the most popular new Italian word of 2007. He was the first to describe the euro as "a currency without a State" (in a book published in 2004), a term that was later popularized by Otmar Issing.
Padoa-Schioppa has been called the "intellectual impetus" behind the euro and the "founding father" of the new currency.In an economics paper written in 1982 he pointed out that it is impossible for a group of countries like the EU to simultaneously aim at:
These four goals, each apparently desirable on its own, he called "the inconsistent quartet" (see also the similar Impossible trinity concept).
At that time, European Union countries maintained some restrictions on trade and (especially) on capital movements. These were gradually eliminated through the Single Market programme and the liberalization of capital movements so that by the late 1980s one of the two remaining objectives had to go to for consistency to be maintained. He proposed that the third objective (independent monetary policies) be abandoned, by creating a single currency and a single European central bank, so that the other three objectives could be attained. The Delors Report of April 1989 endorsed this view and recommended a European Monetary Union (EMU) with a single currency. He worked on designing and setting up the new European Central Bank and became one of the first executive board members (June 1998-May 2005).
Jacques Lucien Jean Delors is a French politician who served as the 8th President of the European Commission from 1985 to 1995. He served as Minister of Finance of France from 1981 to 1984. He was a Member of the European Parliament from 1979 to 1981. As President Delors was the most visible and influential leader in European affairs. He implemented the policies that closely linked the member nations together and tirelessly promoted the need for unity. He had critics but on the whole was well respected for his imagination and commitment to the cause of European unity. His two main achievements were creating a single market that made possible the free movement of persons, capital, goods, and services within the Community. He also headed the committee that proposed the monetary union to create the Euro, a new currency to replace individual national currencies. This was done in the 1992 Maastricht Treaty.
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The Ambrosetti Forum organized by The European House – Ambrosetti, a consulting firm – is an annual international economic conference held at Villa d'Este, in the Italian town of Cernobbio on the shores of Lake Como. Since its inception in 1975, the Forum has brought together heads of state, ministers, Nobel laureates and businesspeople to discuss current challenges to the world's economies and societies.
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Roberto Gualtieri is an Italian historian, academic and politician of the Democratic Party (PD). Since 5 September 2019, he has been serving as Minister of Economy and Finances in the government of Prime Minister Giuseppe Conte. He previously was a member of the European Parliament from 2009 to 2019, where he chaired the influential Economic and Monetary Affairs Committee within the Parliament from 2014 until 2019.
The Bilderberg Conference 2010 took place at June 3–6, 2010, and were held in Sitges, Spain at Hotel Dolce.
| Deputy Director General of the Bank of Italy |
|New office|| Member of the Executive Board of the European Central Bank |
Lorenzo Bini Smaghi
| Minister of Economy and Finance |