Born in Milano in 1936.

He is Professor of Public Finance and Financial Law and he has teached economic and
financial disciplines at Harvard University as well as the University of Calabria.

Now he is Regular Professor of Public Finance at the University of Milan "La Cattolica",
where he is also member of the directive committee of the doctorate in finance and
economy of the public administrations.

He is Deputy Chairman of the Foundation "Milano per la Scala"; member of the Board of Directors of Teatro dell'Opera of Rome; shareholder of the Aspen Institute; Chairman of
the International Foundation Monterosa and Honorary Chairman of Monterosa 2000 S.p.A.; Chairman of Banca Popolare Italiana S.p.A. from January 28, 2006 ( he was member of the Board of Directors from April 21, 2001 to February 14, 2003 ) and member of the Board of Directors of Acea S.p.A..

He has been member from 1981 to 1986 and Chairman from 1986 to January 1995 of the Technical Commission for the public spending at the Ministry of Treasury. Undersecretary of
State at the Ministry of Treasury from January 1995 to June 2001. Member of the Board of
Directors of Università Cattolica, from 1997 to 2001. Delegate of the Ministry of Treasury at
the presidency Cassa Depositi and Prestiti. Chairman of Bipielle Investimenti from 2002 to
2006 and ICCRI-BFE Banca Eurosistemi SA from 2001 to 2005.

He is member of the editorial office of several Italian scientific magazines. He has written
articles and comments on daily and weekly newspapers (Sole24ore, Corriere della Sera,
Repubblica, Messagero, Unità, Vita e Pensiero, Aggiornamenti sociali, Mondo economico,
and others) on topics of economy and public finance. He is the author of several scientific publications on topics such as monetary politics, effects of taxation, local finance, fiscal
federalism and managing and efficency of the public expense.

He holds the requirements contempleted by the Code of Conduct issued by the Committee for the Corporate Governance of Listed Companies to be qualified as indipendent.