Tommaso Padoa-Schioppa became an official at the Bank of Italy in 1968. After serving as a Director in the European Commission’s Directorate-General for Economic Affairs and Finance from 1979 to 1983, he returned to the Bank of Italy in 1984 and was appointed Deputy Director General, a post he held until 1997. Ignazio Visco describes how he met Tommaso Padoa-Schioppa and discusses Padoa-Schioppa’s influence at the Bank of Italy. Ignazio Visco also sets out Tommaso Padoa-Schioppa’s approach to economics. Alfonso Iozzo emphasises the esteem that Tommaso Padoa-Schioppa had for institutions and the importance he attached to regulation, especially within the banking sector.
In 1998, Tommaso Padoa-Schioppa was appointed to the first Executive Board of the European Central Bank, where he was responsible for international relations. Christian Noyer describes the operation of the Executive Board of the European Central Bank. He discusses Tommaso Padoa-Schioppa’s sphere of activity as a member of the Executive Board of the European Central Bank and summarises his stance on the ECB’s policy of medium-term price stability, which he believed should not rule out the ECB’s contribution to the development of other European Union policies on employment and growth. Jean-Claude Trichet looks back at Tommaso Padoa-Schioppa’s work on the ECB Executive Board. Finally, Michel Camdessus explains the origins of the 2010 Palais Royal initiative, which proposed an 18-point reform of the International Monetary System. He particularly highlights Tommaso Padoa-Schioppa’s influence on the composition and work of the group of experts, mainly central bankers, that drew up this document.