First IRI General Director (IRI: Institute of industrial reconstruction) from August 1934 to February 1944 and from March to May 1946.
He was born in Biccari (Foggia) on January 23, 1896. He studied at Istituto Tecnico “Pietro Giannone” in Foggia and then at the Regio Istituto di Scienze Sociali “Cesare Alfieri” in Florence, where he graduates in 1920. During First the World War he serves as a military officer in Albania.
Contracted by the Bank of Italy in 1921, from 1923 he starts to run the clearance practices of the Italian Bank of Sconto where he manages the offices from 1924, after resigning from the Bank of Italy. In 1929 he is responsible for the National Credit Bank’s Representative Office. In 1931 he takes over the Italian Holding Company general management.
On April, 1933 he is called from Beneduce, first I.R.I. President, to manage the Institute disposal section and, after a month, he becomes manager of the financing section with Legislative Decree of 21 August 1934. After the World War he retires, but then, invited by the IRI’s President Paratore, he returns in charge. A few months later, on the advice of Luigi Einaudi, he becomes Bank of Italy’s General Director; in 1984 he becomes Governor of the Bank. The Financial Times gives him the Oscar as “the most successful central banker” in 1960.
He died on July 24, 1984 in Rome.
Thanks to Marlena Checchia for the translation.