Pier Carlo Padoan

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Pier Carlo Padoan
Pier Carlo Padoan.jpg
Minister of Economy and Finances
Assumed office
22 February 2014
Prime Minister Matteo Renzi
Paolo Gentiloni
Preceded by Fabrizio Saccomanni
Personal details
Born (1950-01-19) 19 January 1950 (age 67)
Rome, Italy
Political party Independent (close to PD)
Spouse(s) Maria Grazia Reitano
Children 2
Alma mater Sapienza University

Pier Carlo Padoan (Italian: [pjɛr ˈkarlo ˈpadoan]; born 19 January 1950) is an Italian economist who has been the Minister of Economy and Finances of Italy since 2014.

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

Early life[edit]

Pier Carlo 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 harshly 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[edit]

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.

Political career[edit]

Pier Carlo Padoan with former President of Italy Giorgio Napolitano.

From 1998 until 2001 he was 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.

He 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. He has been criticizing budget cutbacks in the euro zone's weakest economies, struggling with debt, which he has called periphery countries.

Since June 2007 he has been Deputy Secretary General at the OECD in Paris, and their chief economist since 2009. He is the OECD's G20 Finance Deputy, leads the initiatives 'Strategic Response', 'Green Growth' and 'Innovation'.

On 19 February 2014 Matteo Renzi chose him as Italy's new Minister of Economy and Finances.[4]

On 12 December 2016, when Renzi resigned as Prime Minister after the constitutional referendum, Padoan was confirmed as finance minister by the new Prime Minister Paolo Gentiloni.[5] In June 2016, he was elected chairman of the Party of European Socialists’ Finance Ministers Network.[6]

Fiscal politics[edit]

Pier Carlo Padoan in October 2016.

"I am of the view 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. This would be self-sustaining ..."[7]

In a letter to the European Commissioner for 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.[8]

Italian government debt[edit]

The Italy Government Debt to GDP has reached 132.6% at the end of 2015 up from the 128.8% of December the 31th 2013.

Other activities[edit]

European Union organizations[edit]

International organizations[edit]

Publications[edit]

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. [1]
  • The Marshall Plan: Lessons Learned for the 21st Century, edited by Eliot Sorel and Pier Carlo Padoan. OECD 2008.[14]
  • Euro-American Trade and Financial Alliances, 2005 book, editor [15]
  • The Structural Foundations of International Finance, 2003 book, editor[16] "advocates entrepreneurial co-ordination by productive enterprises"
  • A Transatlantic Perspective on the Euro, 2000 paperback, editor [17] 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.[18]
  • Technology accumulation and diffusion: is there a regional dimension? by Pier Carlo Padoan, World Bank Publications. 1997 (36-page working paper)[19]
  • Trade and the accumulation and diffusion of knowledge, by Pier Carlo Padoan, World Bank Publications. 1996 (47-page working paper)[20]
  • 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[edit]

References[edit]

  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. ^ "Italy's Renzi set to unveil new cabinet". Reuters. 21 February 2014. Retrieved 21 February 2014. 
  5. ^ Gentiloni presenta governo, Padoan confermato all'Economia
  6. ^ Italian Finance Minister to chair PES Finance Ministers Network Party of European Socialists, press release of June 17, 2016.
  7. ^ "What's Holding Europe Back?" (interview). Canadian International Council. Open Canada. 21 November 2013. 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 
  8. ^ Gernot Heller (December 1, 2014), Germany, France and Italy urge EU to write common corporate tax laws Reuters.
  9. ^ Board of Governors European Investment Bank (EIB).
  10. ^ Board of Governors: Pier Carlo Padoan European Stability Mechanism.
  11. ^ Board of Governors Asian Infrastructure Investment Bank (AIIB).
  12. ^ Board of Governors European Bank for Reconstruction and Development (EBRD).
  13. ^ Board of Governors International Monetary Fund (IMF).
  14. ^ Sorel, Eliot; Padoan, Pier Carlo (eds.). The Marshall Plan: Lessons Learned for the 21st Century. OECD. ISBN 9789264044241. Retrieved 21 February 2015. 
  15. ^ Boyd, Gavin; Alan M. Rugman; Pier Carlo Padoan (2005). European-American Trade And Financial Alliances. Edward Elgar Pub. ISBN 1843769077. Retrieved 21 February 2014. 
  16. ^ Padoan, Pier Carlo; Paul A. Brenton; Gavin Boyd (2003). The Structural Foundations of International Finance. Edward Elgar Pub. ISBN 1843763869. Retrieved 21 February 2014. 
  17. ^ Henning, C. Randall; Pier Carlo Padoan (2000). Transatlantic Perspectives on the Euro. Brookings Institution Press and the European Community Studies Association. ISBN 0815735596. 
  18. ^ Padoan, Pier Carlo (ed.). 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.  horizontal tab character in |title= at position 72 (help)
  19. ^ Padoan, Pier Carlo. "Technology accumulation and diffusion: is there a regional dimension?". Retrieved 21 February 2015. 
  20. ^ Padoan, Pier Carlo. "Trade and the accumulation and diffusion of knowledge". Retrieved 21 February 2015. 

External links[edit]

Political offices
Preceded by
Fabrizio Saccomanni
Minister of Economy and Finances
2014–present
Incumbent