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Piero Cipollone

Member of the ECB's Executive Board

Date of birth

3 January 1962

Place of birth

Avezzano (AQ), Italy


Visiting scholar, Economics Department, University of California at Berkeley


Master of Arts in Economics, Stanford University


Degree with honours in Economics, Sapienza University of Rome


Deputy Governor of the Banca d’Italia


Economic adviser to Italian Prime Minister


Deputy Director General for Currency Circulation and Accounting, Banca d’Italia
Member of the ECB Budget Committee


Head of Planning and Controls Directorate, Banca d’Italia
Member of the ECB Budget Committee


Executive Director for Albania, Greece, Italy, Malta, Portugal, San Marino and Timor-Leste, World Bank Group
Chairman of the Audit Committee, World Bank Group


President of the Istituto nazionale per la valutazione del sistema educativo di istruzione e di formazione (Italian Institute for the Evaluation of the Education and Training System, INVALSI)


Head of the Labour Market Unit, Research Department, Banca d’Italia


Economist in the Labour Market Unit, Research Department, Banca d’Italia


Economist in the Balance of Payments Unit, Research Department, Banca d’Italia


Senior adviser to the Minister of Foreign Trade, and Chief of technical staff, Ministry of Foreign Trade

Teaching experience

LUISS University, Rome: Monetary Policy


University of L’Aquila: Labour Economics


Stanford University: Labour Economics

Selected professional activities

Chair of the Eurosystem High-Level Task Force on the Digital Euro, since 2023

Chairman of the Euro Retail Payments Board (ERPB), since 2023

Chairman of the Euro Cyber Resilience Board for pan-European Financial Infrastructures (ECRB), since 2023

Member of the Organisation for Economic Co-operation and Development Working Party No. 3 on Co-operation and Enforcement, 2022-2023

Member of the ECB High-Level Task Force on the Integrated Reporting Framework, 2022-2023

Member of the Coordination Group for the cross-border payments programme, Bank for International Settlements, 2021-2023

Member of the Board of the Italian Institute for the Supervision of Insurance (Istituto per la Vigilanza sulle Assicurazioni, Ivass), 2020-2023

Chair of the Executive Board of CEIS-Sviluppo (Centre for Economic and International Studies, Tor Vergata University, Rome), 2015-2017

Member of the Award Committee for the Rita Levi-Montalcini Award for Scientific Cooperation between Italy and Israel, 2015

Member of the Scientific Committee of the Collegio Internazionale Ca' Foscari (Ca’ Foscari University of Venice International College), 2012-2015

Selected honours, awards and grants

Knight of the Order of Merit of the Italian Republic

Selected publications

“Social Interactions in High School: Lessons From an Earthquake”, with Rosolia, A., American Economic Review, Vol. 97, No 3, 2007

“Does the ILO Definition Capture All Unemployment?”, with Brandolini, A. and Viviano, E., Journal of European Economic Association, Vol. 4, Issue 1, March 2006

“Multifactor Productivity and Labour Quality in Italy, 1981-2000”, with Brandolini, A., Temi di Discussione, No 422, Banca d’Italia, 2001

“Is the Italian Labour Market Segmented?”, Temi di Discussione, No 400, Banca d’Italia, 2001

“Bottlenecks, limits to growth and inflationary pressure: a multisectoral analysis of Italian industry”, with Marchetti, D.J., Journal of Policy Modeling, No 23, 2001.

Il capitale Umano, Il Mulino, Bologna, 2010

Referee for

Banca d’Italia Temi di Discussione, B.E. Journal of Economic Analysis & Policy, Fiscal Studies, Journal of Banking and Finance, Journal of the European Economic Association, Journal of Population Economics, Labour, Labour Economics, Politica Economica, Rivista Italiana degli Economisti