- Tommaso Padoa-Schioppa
Infobox Prime Minister
name = Tommaso Padoa Schioppa
order = Minister of Economy and Finance
17 May 2006
8 May 2008
deputy = Vincenzo Visco
birth_date = Birth date and age|1940|7|23|mf=y
nationality = Italian
Massachusetts Institute of Technology
party = Independent
Tommaso Padoa-Schioppa (born
July 23, 1940) is an Italian banker and economist who was Italy's Minister of Economy and Finance from May 2006 until May 2008.
Belluno, he graduated from Bocconi University, Milanin 1966and received a Master's degree from the Massachusetts Institute of Technologyin 1970. After a first job in Germany with the retailer C&A Brenninkmeijer, he joined the Bank of Italy in 1968, eventually becoming Vice-Director General from 1984to 1997. In 1980he became a member of the influential Washington-based financial advisory body, the Group of Thirtyand remains one to this day. From 1993to 1997, he was also president of the Basel Committee on Banking Supervision. In 1997- 1998he was head of Consob, Italy's stock market supervision agency.
Padoa-Schioppa 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.
May 17, 2006he 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 Berlusconitook 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).
He was married to the economist
Fiorella Kostoris; they have three children. They are now divorced and he is the companion of the journalist Barbara Spinelli, daughter of Altiero.
Terms coined or popularized by TP-S
In 2006 TP-S 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. [http://www.corriere.it/politica/07_ottobre_04/padoa_bamboccioni.shtml] . Newspapers received numerous letters from readers personally taking offense and accusing him of understanding little about the situation of a considerable part of the 20-30 years old Italian population, who live on approximately 1000€ per month and cannot afford to leave their parents’ house [http://www.beppegrillo.it/2007/10/il_bamboccione.html] . According to some lexicographers, “bamboccioni” was the most popular new Italian word of 2007.
Padoa-Schioppa was the first to describe the euro as "a currency without a State", a term that was later popularized by
Otmar Issing[http://www.ecb.int/press/key/date/2006/html/sp060324.en.html] .
Role in the creation of the euro
Padoa-Schioppa has been called the “intellectual impetus” behind the euro and the “founding father” of the new currency [http://minneapolisfed.org/pubs/region/01-12/padoa-schioppa.cfm] . The reason for this is that 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:
* free trade,
* capital mobility,
* independent domestic monetary policies, and
* fixed exchange rates.These four goals, each apparently desirable on its own, he called "the inconsistent quartet". 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 1980's one of the two remaining objectives had to go to for consistency to be maintained. Padoa-Schioppa had 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. Padoa-Schioppa then worked on designing and setting up the new
European Central Bankand became one of the first executive board members.
*cite book | last=Padoa-Schioppa | first=Tommaso | title=The Euro and Its Central Bank | year=2004 | publisher=The MIT Press | id=ISBN 0-262-16222-9
*cite book | last=Padoa-Schioppa | first=Tommaso | title=Europa una pazienza attiva | year=2006 | publisher=Rizzoli | id=ISBN 88-17-01068-5 (Italian language)
* [http://www.tesoro.it/web/ilministro_eng.asp Biography of Tommaso Padoa-Schioppa from the Ministry website]
* [http://portedeurope.org/IMG/pdf/TPS_Bibliography_selected.pdf Short Bibliography of Tommaso Padoa-Schioppa]
* [http://www.notre-europe.eu/en/ Notre Europe] , think tank presided by Tommaso Padoa-Schioppa
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