Born in Milan, he graduated from Bocconi University in 1975 and obtained a PhD in Economics at MIT. In 1980 he joined the Bank of Italy Research Department, where he worked on money market and banks and subsequently on the construction and use of econometric models for Italian economy. In 1992 he became director of the International Research Department of the Bank and participated in the main European and international monetary negotiations. In 1995 he was appointed Chief Economist of the Confederation of Italian Industry (Confindustria). In 2001 he became general manager of Ania, the association of insurance companies. In 2009, he returned to Confindustria with the role of general manager. In the general election of 2013 he was elected MP in the House of Deputies with the Democratic Party. Today he is a Member of the Budget Committee and of Ethics Code Committee of the House. He is also the OECD focal point for the Italian House of Deputies.