Ignazio Angeloni

Non-Resident Fellow
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Ignazio Angeloni
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Ignazio Angeloni is a part-time professor at the European University Institute in Florence and a Senior Policy Fellow at the Leibniz Institute for Financial Research SAFE in Frankfurt.

In 2019-2022 he was Senior Research fellow in the Harvard Kennedy School’s Mossavar-Rahmani Center for Business and Government. From 2014 to 2019 he was a member of the ECB Supervisory Board.

In 2012-2013, Ignazio was Director General for Financial Stability at the ECB; in that capacity he coordinated the establishment of the new banking supervision at the ECB. Earlier he was Director for International Financial Relations at Italy’s Ministry of Finance, Deputy Director General Research at the ECB, and Director of monetary research at the Bank of Italy.

Ignazio holds a degree from Bocconi University and a Ph.D. in Economics from the University of Pennsylvania and has published books and articles in leading academic journals.

Governance

Assessing the ECB’s Monetary Policy Stance by Comparing Tightening Cycles
2024

 The main finding is that at the peak of the latest tightening cycle, the ECB monetary policy stance was no more restrictive than it was at the peak of the two preceding ones; actually, probably less. 

Financial Markets 

Uni­Credit-Com­merzbank Deal is Test Case for ECB
2024

The Uni­Credit-Com­merzbank deal is a test case for the ECB, which will rever­ber­ate into the future, and be a golden oppor­tun­ity for its super­vis­ory board to uphold its inde­pend­ence

Interest Rate Cuts? If You Don’t Know What You Are Doing, Do it Gently
2024

The Fed and the ECB conducted monetary policy reviews in 2019-2020, when most of the above shocks were still in the making or yet to come. Both of them seem largely obsolete today, or at least incomplete. There is no appetite to restart them. 

Financial Markets  

Policy Brief - Digital Euro: Catching Up and Browsing the Daisy
2024

After revisiting the pros and cons, this paper concludes that, all in all, the rationale for introducing an ECB-sponsored digital euro for citizens, retailers, and producers, is not solidly established. Today’s highly dynamic, innovative, and efficient digital payment ecosystem does not require such an instrument, which would unavoidably duplicate existing applications and probably struggle to match private innovation.

Policy Brief - The Next Goal: Euro Area Banking Integration
2024

This paper, prepared on a request by the European Parliament, contributes to a reflection aimed at identifying ways to revive and upgrade the banking union, so as to enable it to cope with the major transformational challenges facing Europe as we move forward in the 21st century: Green, Digital, Geo-Strategic and Structural. 

Public presentations

Much Money, Little Capital, and Few Reforms - The 2023 Banking Turmoil
28/11/2024 - 28/11/2024
Aula Manfredini - via Sarfatti 25

While past reforms have helped, more are needed to ensure financial stability in a rapidly changing economic environment, with a focus on preventing future crises through better regulation, supervision, and coordination of monetary and financial stability policies. 

Conferences

From Birth to Maturity: Ten Years of Banking Union
16/05/2024 - 17/05/2024
Sala Europa - Villa Schifanoia, Via Boccaccio 121 - Florence

The Florence School of Banking and Finance Annual Conference, co-organized this year with the Institute for European Policymaking at Bocconi University, will examine the Banking Union’s “mature” phase against the background of the early state and goals.