CV Franco Passacantando

Current activities

  • Senior fellow at the LUISS School of European Political Economy in Rome,
  • Expert Member of the Board of the European Investment Bank (EIB).
  • Member of the Expert Advisory Council and of the External Client Asset Management Oversight Committee of the World Bank Treasury; financial advisor of ICCROM.
  • Member of the Bretton Woods Committee.
  • Non-executive Director of Euroclear plc (“PLC”) and Euroclear SA/NV (“ESA”) and independent member of the Board of Salini Impregilo.

Bank of Italy

  • Managing Director  in charge of relations with international institutions, (2012-13): Governor Deputy for the G20 and the G7, member of the Economic and Financial Committee of the European Union, of the Working Party Three of the OECD, and of the Committee of Payments and Settlement Systems at the Bank for International Settlements.
  • Managing Director: market operations, reserve management and payment systems (2007-2012).
  • Economist in the Research Department (since 1976), and Head of the Monetary Sector of the Department (from 1990 to 1995).

World Bank

  • Executive Director  (from 1995 to 2013):
    • Chairman of the Budget Committee (1996-2000)
    • Chairman of theAudit Committee (2000-2002)
    • Dean of the Board (2002-2003)

Academic Activities

  • Lecturer, Economy of Markets and Financial Intermediaries, LUISS (2012);
  • Visiting Scholar, University of California Berkeley, Haas School of Business (1993);
  • Lecturer, Banking, Università degli Studi di Roma (1987-88);
  • Lecturer, History of Economic Thought, Università degli Studi di Roma (1975);
  • Appointed Associate Professor, Mathematical Economics, Università della Calabria (1974).


  • Degree in Statistics from La Sapienza University of Rome
  • Master of Arts in Economics Stanford University.

Selected Articles, Papers and Presentations

  • Central banks as “Producers of Confidence”: Curzio Giannini’s contribution to the theory of central banking; Concluding Remarks in Money and Monetary Institutions after the Crisis Catte, A.Gerali, and F. Passacantando editors, Banca d’Italia, June 2015.
  • Challenging times for central bank independence, speech given at the 2013 World Bank Treasury Reserves Advisory and Management Program Executive Forum for Policy-makers and Senior Officials, Washington, April 2013;
  • Does the Role of Central Banks in Debt Markets Need a Re-examination?, speech given at the 12th IMF Forum on Managing Sovereign Risk and Public Debt, Rio de Janeiro, June 2012;
  • Breaking the high-debt low-growth spiral in Europe in “Real and financial issues in the international economic downturn – University of Milan Papers and Proceedings of the IX Round Table of Costantino Bresciani Turroni Foundation”, edited by Gianandrea Goisis and Paola Parravicini, McGraw-Hill 2011;
  • Reserve Management and procyclicality in investment behaviour, presentation made at the Third IMF Roundtable of Sovereign Asset and Reserve Managers, Washington, January 2011;
  • Balancing monetary policy, financial stability and reserve management responsibilities: lessons from the crisis, speech given at the Sovereign Investment Partnerships Executive Forum on Central Bank Reserves and Official Sector Asset Management, Washington, April 2010;
  • How to prevent liquidity crisis in an interdependent world: lessons learnt from the financial turmoil, paper given at the High-Level Panel on “Which strategies should be adopted by the central banks and other public authorities to prevent liquidity crisis?” and published in the Proceedings of the Joint Banque de France – European Central Bank Conference on “Liquidity in Interdependent Transfer Systems”, Paris, June 2008;
  • The Loss of Confidence in Bank Money in the Great Depression, paper presented at the joint ECB – Bank of England Conference on “Payments and monetary and financial stability”, Frankfurt, November 2007;
  • Institutional responses to new challenges in reserve management, presentation made at the Bank of Korea and World Bank Treasury Forum on Foreign Currency Reserves Management, Seoul, September 2006;
  • Democracy and International Governance: the case of Bretton Woods institutions, Proceedings of the 4th preparatory meeting to the 44th social week of Italian Catholics, Naples, January 2004;
  • Governance Reforms at the World Bank, paper given at the ISAE (Institute of Economic Research and Analysis) Conference and published in the Proceedings of the Conference, November 2002;
  • Building an Institutional Framework for Monetary Stability: the case of Italy (1979-1994), Banca nazionale del Lavoro Quarterly Review, March 1996
  • Central Banks’ Role in the Payment System and its Relationship with Monetary Policy and Supervision with P. Angelini, published in the Proceedings of the Conference on Prudential Regulation, Supervision and Monetary Policy, Giornale degli Economisti e Annali di Economia, September-December 1992;
  • Monetary Policy in Italy: Institutional and Economic Aspects, with I. Angeloni, in The Orientation of Monetary Policy and the Monetary Policy Decision-Making Process, Bank for International Settlements, Basel, April 1991;
  • The Payment System in the Context of EMU: The Role of Central Banks, in Banca d’Italia, “Proceedings of the Workshop on Payment System Issues in the Context of EMU”, Perugia, 22-23 November 1990; Rome, 1991.
  • The Payment System, with T. Padoa Schioppa, in La politica monetaria in Italia, F. Cotula, Bologna 1989;
  • Costs and Margins of the Italian Banking System: a Comparative Analysis, in Italian Credit Structures, Banca d’Italia, Rome, 1984
  • Econometric model of the Italian Economy (M2BI): monetary and financial sector (4.1.1. and 4.1.2.), Rome, 1979


  • Money and Monetary Institutions after the Crisis Catte, A.Gerali, and F. Passacantando editors, Banca d’Italia, June 2015.
  • Banks and Firms Financing, I. Angeloni, V. Conti, and F. Passacantando editors, Bologna , Il Mulino 1997