Tommaso Padoa-Schioppa

Last updated

Tommaso Padoa-Schioppa
Tommaso Padoa-Schioppa, IMF 116imfcpresser.jpg
Minister of Economy and Finances
In office
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
In office
1 July 1998 1 June 2005
Preceded byPosition established
Succeeded by Lorenzo Bini Smaghi
Personal details
Born(1940-07-23)23 July 1940
Belluno, Italy
Died18 December 2010(2010-12-18) (aged 70)
Rome, Italy
Political party Independent
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. [1]



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. [2]

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). [3] In June 2009 he was appointed as chairman for Europe of the private finance consulting Promontory Financial Group. [4]

Personal life

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. [5]


Padoa-Schioppa died on 18 December 2010, aged 70, after suffering a fatal heart attack during a dinner he had organized in Rome. [3]

Terms coined or popularized by Padoa-Schioppa

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. [6]

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. [7] 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. [8]

Role in the creation of the euro

Padoa-Schioppa and Wim Duisenberg during an International Monetary Fund meeting in Washington, D.C. on 24 September 2000. Duisenberg and Padoa-Schioppa.jpg
Padoa-Schioppa and Wim Duisenberg during an International Monetary Fund meeting in Washington, D.C. on 24 September 2000.

Padoa-Schioppa has been called the "intellectual impetus" behind the euro and the "founding father" of the new currency. [9] 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). [2] [3]


Related Research Articles

Jacques Delors French politician

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.

Jean-Claude Trichet French economist

Jean-Claude Trichet is a French economist who served as President of the European Central Bank from 2003 to 2011. Previous to his assumption of the presidency he served as Governor of the Bank of France from 1993 to 2003 under presidents François Mitterrand and Jacques Chirac.

Mario Monti

Mario Monti, is an Italian economist who served as the Prime Minister of Italy from 2011 to 2013, leading a government of technocrats in the wake of the Italian debt crisis.

Bocconi University Private university in Milan, Italy

Bocconi University is a private university in Milan, Italy. Bocconi provides undergraduate, graduate and post-graduate education in the fields of economics, finance, law, management, political science, and public administration. SDA Bocconi, the university's business school, offers MBA and Executive MBA programs.

António Vitorino

António Manuel de Carvalho Ferreira Vitorino is a Portuguese lawyer and politician of the Socialist Party (PS).

Twixter is a neologism that describes a new generation of young adults in America and other industrialized countries who are trapped, in a sense, betwixt (between) adolescence and adulthood. This Western neologism is somewhat analogous to the Japanese term parasite single.

Erkki Liikanen Finnish politician

Erkki Antero Liikanen is a Finnish social democratic politician and a former Governor of the Bank of Finland.

Fiorella Kostoris Padoa-Schioppa is an Italian economist who is Professor at the University of Rome. She is also a professor at the College of Europe in Bruges. She has published approximately a hundred articles and twenty books in various languages on topics concerning macroeconomics, labor, public finance, unemployment, pension reform and other topics. She was president of ISAE, the Italian independent but government-funded economic think tank until March 2003. She is working on a book on European economic policies and institutions.

Lorenzo Bini Smaghi

Lorenzo Bini Smaghi is an Italian economist who is currently Chairman of Société Générale, a French multinational banking and financial services company.

Domenico Siniscalco

Domenico Siniscalco is an Italian economist and former Minister of Finance.

Jean Pisani-Ferry

Jean Pisani-Ferry is a French economist and public policy expert. He is a fellow at think tanks Bruegel in Brussels and the Peterson Institute for International Economics in Washington, D.C. He is also a senior professor in economics and public management at the Hertie School of Governance in Berlin, and a professor at the European University Institute near Florence.

Peter Bofinger German economist

Peter Bofinger is a German economist and a former member of the German Council of Economic Experts.

Ambrosetti Forum

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.

Economic and Monetary Union of the European Union economic union and policies

The Economic and Monetary Union (EMU) is an umbrella term for the group of policies aimed at converging the economies of member states of the European Union at three stages. The policies cover the 19 eurozone states, as well as non-euro European Union states.

Promontory Financial Group, a wholly owned subsidiary of IBM, is a global consulting firm that advises clients on a variety of financial services matters, including regulatory issues, compliance, risk management, liquidity, restructuring, acquisitions, due diligence, internal investigations and cyber security.

Giordano DellAmore

Giordano Dell'Amore was an Italian economist and banker.

Paul De Grauwe

Paul De Grauwe is a Belgian economist and John Paulson Professor in European Political Economy at the London School of Economics and Political Science as head of the European Institute. He is also professor emeritus in international economics at KU Leuven and former member of the Belgian Federal Parliament.

Massimo Tononi

Massimo Tononi is an Italian banker and politician. Chairman of Banco BPM.

Roberto Gualtieri Italian politician

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.

2010 Bilderberg Conference

The Bilderberg Conference 2010 took place at June 3–6, 2010, and were held in Sitges, Spain at Hotel Dolce.


  1. "Former Steering Committee Members". Bilderberg Group . Retrieved 8 February 2014.
  2. 1 2 Former President Tommaso Padoa-Schioppa, from the Notre Europe official website
  3. 1 2 3 Totaro, Lorenzo; Swint, Brian; Krause-Jackson, Flavia (18 December 2010). "Padoa-Schioppa, Euro Architect, Founding Member of ECB Board, Dies at 70". Bloomberg. Retrieved 19 December 2010.
  4. "Tommaso Padoa-Schioppa Appointed Chairman of Promontory Europe" [Former Italian Finance Minister to Oversee Expansion of Operations Throughout]. Business Wire. 16 June 2009. Retrieved 19 July 2013.
  5. (in Italian) Padoa Schioppa, il guardiano dei conti con un cuore europeo, Il Giornale , 19 December 2010
  6. Corriere
  7. Beppegrillo Archived 27 September 2011 at the Wayback Machine
  8. eCB
  9. Minneapolisfed Archived 1 May 2006 at the Wayback Machine
Government offices
Preceded by
Cannelo Oteri
Deputy Director General of the Bank of Italy
Succeeded by
Antonio Finocchiaro
New office Member of the Executive Board of the European Central Bank
Succeeded by
Lorenzo Bini Smaghi
Political offices
Preceded by
Giulio Tremonti
Minister of Economy and Finance
Succeeded by
Giulio Tremonti