Pier Carlo Padoan

Pier Carlo Padoan (Italian: [ˈpjɛr ˈkarlo padoˈan, - ˈpaːdoan]; born 19 January 1950) is an Italian economist who served as Minister of Economy and Finance of Italy from 2014 to 2018.

Pier Carlo Padoan
Minister of Economy and Finance
In office
22 February 2014 – 1 June 2018
Prime MinisterMatteo Renzi
Paolo Gentiloni
Preceded byFabrizio Saccomanni
Succeeded byGiovanni Tria
Member of the Chamber of Deputies
In office
23 March 2018 – 4 November 2020
ConstituencySiena
Deputy Secretary-General of the Organisation for Economic Co-operation and Development
In office
1 June 2007 – 22 February 2014
Preceded byKiyotaka Akasaka
Succeeded byMari Kiviniemi
Personal details
Born (1950-01-19) 19 January 1950
Rome, Italy
Political partyDemocratic Party
SpouseMaria Grazia Reitano
Children2
Alma materSapienza University

Padoan was director of the International Monetary Fund for Italy from 2001 to 2005. On 1 June 2007, he became Deputy Secretary General of the Organisation for Economic Co-operation and Development (OECD).

Early life

Padoan was born in Rome on 19 January 1950. In the 1970s, he graduated in economics at the La Sapienza University in Rome.[1] During his years at the University, Padoan criticised in the magazine Marxist Critic the economic theories of John Maynard Keynes, being influenced by the ideas of the Polish economist Michał Kalecki.[2]

Academic career

Until 2007, he was Professor of Economics at the Sapienza University of Rome. From 1992 until 2001, he also was professor at the College of Europe, Bruges and Warsaw, and a visiting professor since 2001. He was also a visiting professor at Université Libre de Bruxelles, Belgium, University of Urbino, Italy, Universidad de la Plata, Argentina, and University of Tokyo, Japan.[3] He has published in the field of European economics and political economy.

Career in the public sector
Pier Carlo Padoan in October 2016.

From 1998 until 2001, Padoan served as economic adviser to Italian Prime Ministers Massimo D'Alema and Giuliano Amato during EU budget negotiations like Agenda 2000, and the Lisbon Agenda, at summits of the European Council and the G8.

Padoan was an International Monetary Fund official from 2001 to 2005 as the Italian executive director and as board member in charge of European coordination. He is a consultant to the World Bank, European Commission and European Central Bank, where he has called for aggressive easing. During that period, he criticized budget cutbacks in the euro zone's weakest economies, struggling with debt, which he has called periphery countries.

Padoan served as deputy secretary general at the OECD in Paris between 2007 and 2014, taking on the additional role of the organisation's chief economist in 2009.[4] He was the OECD's G20 Finance Deputy, leading the initiatives 'Strategic Response', 'Green Growth' and 'Innovation'.

Political career

Minister of Finance, 2014–2018

On 19 February 2014, Matteo Renzi chose Padon as Italy's new Minister of Economy and Finance.[5] On 12 December 2016, when Renzi resigned as prime minister after the constitutional referendum, Padoan was confirmed again as finance minister by the new Prime Minister Paolo Gentiloni.[6][7] In June 2016, he was also elected chairman of the Party of European Socialists’ Finance Ministers Network.[8]

Padoan often stated that the very tight fiscal rules which Europe currently has in place could be temporarily relaxed in order to make the necessary resources available to boost employment.[9]

In a letter to the Juncker Commission's Economic and Financial Affairs, Taxation and Customs Pierre Moscovici in late 2014, Padoan and the finance ministers of the euro zone's other biggest economies – Michel Sapin of France and Wolfgang Schäuble of Germany – urged the European Commission to draw up EU-wide laws to curb corporate tax avoidance and prevent member states from offering lower taxes to attract investors, calling for a comprehensive anti-BEPS (Base Erosion and Profit Shifting) directive for member states to adopt by the end of 2015.[10]

Also during his time in office, Padoan implemented the Italian government’s 2015 plan to clean up over €200 billion in non-performing loans from the balance sheets of the country’s banks. He also oversaw the 2017 bailout of Banca Monte dei Paschi di Siena, Veneto Banca, and Banca Popolare di Vicenza.[11][12]

Member of Parliament, 2018–2020
Pier Carlo Padoan during a PD rally in 2018.

Padoan joined the Democratic Party and ran in the 2018 Italian general election in March for the constituency of Siena,[13] where he was elected, defeating the League economic advisor Claudio Borghi.[14][15][16]

In 2020, the Conte II Cabinet of Prime Minister Giuseppe Conte nominated Padoan as Italy's candidate for the election of president of the European Bank for Reconstruction and Development;[17] Padoan later pulled out of the race when Odile Renaud-Basso emerged as the front runner for the position.[18]

Electoral history
Election House Constituency Party Votes Result
2018 Chamber of Deputies Arezzo–Siena PD 53,457 checkY Elected

First-past-the-post elections
2018 Italian general election (C): Arezzo–Siena
Candidate Party Votes %
Pier Carlo Padoan Centre-left coalition 53,457 36.2
Claudio Borghi Centre-right coalition 47,694 32.3
Leonardo Franci Five Star Movement 33,092 22.4
Others 13,515 9.1
Total 147,758 100.0

Other activities

Corporate boards

European Union organizations

International organizations

Non-profit organizations

Publications

Padoan edited or authored 14 books and papers, from 1986 until 2010, with titles in English as follows:

  • Innovation and Growth: Chasing a Moving Frontier by Vandana Chandra, Deniz Eröcal, Pier Carlo Padoan and Carlos A. Primo Braga. OECD, World Bank 2010.
  • The Marshall Plan: Lessons Learned for the 21st Century, edited by Eliot Sorel and Pier Carlo Padoan. OECD 2008.[29]
  • Euro-American Trade and Financial Alliances, 2005 book, editor [30]
  • The Structural Foundations of International Finance, 2003 book, editor[31] "advocates entrepreneurial co-ordination by productive enterprises"
  • A Transatlantic Perspective on the Euro, 2000 paperback, editor [32] euro as potential global currency
  • Monetary Union, Employment and Growth: The Impact of the Euro as a Global Currency, edited by Pier Carlo Padoan. Edward Elgar Publishing 2001.[33]
  • Technology accumulation and diffusion: is there a regional dimension? by Pier Carlo Padoan, World Bank Publications. 1997 (36-page working paper)[34]
  • Trade and the accumulation and diffusion of knowledge, by Pier Carlo Padoan, World Bank Publications. 1996 (47-page working paper)[35]
  • Europe between East and South by Siro Lombardini and Pier Carlo Padoan. 1994
  • Political Economy of European Integration: Markets and Institutions by Paolo Guerrieri and Pier Carlo Padoan. 1989
  • Political Economy of International Co-Operation by Pier Carlo Padoan and Paolo Guerreri. 1988
  • The Political Economy of International Financial Instability by Pier Carlo Padoan. 1986

See also

References
  1. Il Ministro - Ministero dell'Economia e delle Finanze
  2. Il ministro Padoan oltre Keynes. Nel ’75
  3. "Pier Carlo Padoan". College of Europe. Retrieved 21 February 2014.
  4. Matthew Saltmarsh (November 18, 2010), O.E.C.D. Sees Global Recovery Slowing New York Times.
  5. "Italy's Renzi set to unveil new cabinet". Reuters. 21 February 2014. Retrieved 21 February 2014.
  6. Gentiloni presenta governo, Padoan confermato all'Economia
  7. Mehreen Khan (December 12, 2016), Padoan to remain as Italian finance minister in new government Financial Times.
  8. Italian Finance Minister to chair PES Finance Ministers Network Party of European Socialists, press release of June 17, 2016.
  9. "What's Holding Europe Back?". Canadian International Council. Open Canada. 21 November 2013. Archived from the original (interview) on 25 February 2014. Retrieved 21 February 2014. For example, there is the so-called contractual agreement hypothesis, which is basically that countries should be allowed to have more fiscal space if they commit to changing labour market rules to support increased employment
  10. Gernot Heller (December 1, 2014), Germany, France and Italy urge EU to write common corporate tax laws Reuters.
  11. Valentina Za and Gianluca Semeraro (October 13, 2020), UniCredit picks former Treasury chief Padoan as chairman Reuters.
  12. Silvia Sciorilli Borrelli (October 13, 2020), Italy’s former finance minister named UniCredit chairman Financial Times.
  13. Rachel Sanderson (February 21, 2018), Padoan defends vision for Italy in Tuscany’s vineyards Financial Times.
  14. Italian Economy Minister Accepts Offer to Stand as PD Candidate
  15. Pd, pubblicate le liste: sono definitive. Renzi: "Basta polemiche, è la squadra migliore per vincere"
  16. Padoan vince a Siena, sconfitti Minniti e Franceschini
  17. Sam Fleming and Jim Brunsden (February 19, 2020), The battle for the EBRD’s top job Financial Times.
  18. Karin Strohecker (October 7, 2020), Italy's Padoan pulls out of race to be EBRD president Reuters.
  19. Valentina Za and Gianluca Semeraro (October 13, 2020), UniCredit picks former Treasury chief Padoan as chairman Reuters.
  20. Pier Carlo Padoan co-opted to the board of UniCredit as chairman designate UniCredit, press release of October 13, 2020.
  21. Board of Governors European Investment Bank (EIB).
  22. Board of Governors: Pier Carlo Padoan European Stability Mechanism.
  23. AfDB Annual Report 2016 African Development Bank (AfDB).
  24. Board of Governors Asian Infrastructure Investment Bank (AIIB).
  25. Board of Governors European Bank for Reconstruction and Development (EBRD).
  26. Board of Governors International Monetary Fund (IMF).
  27. Foundation set up to safeguard Scope’s European identity Scope Group, press release of September 3, 2020.
  28. Board Istituto Affari Internazionali (IAI).
  29. Sorel, Eliot; Padoan, Pier Carlo, eds. (2008). The Marshall Plan: Lessons Learned for the 21st Century. OECD. ISBN 9789264044241. Retrieved 21 February 2015.
  30. Boyd, Gavin; Alan M. Rugman; Pier Carlo Padoan (2005). European-American Trade And Financial Alliances. Edward Elgar Pub. ISBN 1843769077. Retrieved 21 February 2014.
  31. Padoan, Pier Carlo; Paul A. Brenton; Gavin Boyd (2003). The Structural Foundations of International Finance. Edward Elgar Pub. ISBN 1843763869.
  32. Henning, C. Randall; Pier Carlo Padoan (2000). Transatlantic Perspectives on the Euro. Brookings Institution Press and the European Community Studies Association. ISBN 0815735596.
  33. Padoan, Pier Carlo, ed. (January 2001). Monetary Union, Employment And Growth Click to look inside Look inside Monetary Union, Employment And Growth The Impact of the Euro as a Global Currency. Edward Elgar. ISBN 9781782544036.
  34. Padoan, Pier Carlo (1999). "Technology accumulation and diffusion: is there a regional dimension?". Policy Research Working Papers. doi:10.1596/1813-9450-1781. Retrieved 21 February 2015. {{cite journal}}: Cite journal requires |journal= (help)
  35. Padoan, Pier Carlo (1999). "Trade and the accumulation and diffusion of knowledge". Policy Research Working Papers. doi:10.1596/1813-9450-1679. S2CID 18189306. Retrieved 21 February 2015. {{cite journal}}: Cite journal requires |journal= (help)
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