Finance Minister and Central Banker of the Year: The regional winners
It took Carlo Azeglio Ciampi half a century to work his way to the top spot in Italian finance (via stints as central bank governor and prime minister). At 77, the seemingly indefatigable minister of treasury, budget and economic planning is credited with accelerating the pace of fiscal consolidation so that Italy qualifies for Emu membership in the first round. Ciampi has also been instrumental in pushing through much-needed public-administration reforms, helping to lower the budget deficit towards the 1997 objective of 3% of GDP. This is certain to be his crowning achievement if he pulls it off, especially considering that last year's deficit was 6.8% and the target set at the beginning of this year was a modest 4.5%.
Ciampi served in the Italian army during World War II and began his professional career in 1946 at the Bank of Italy. After a few years in various departments, including the bank inspection unit and as head of research, he became secretary-general in 1973 then director-general in 1978 as well as deputy director of Ufficio Italiano dei Cambi. The following year he was appointed governor, a post he held for 14 years along with other distinctions such as member of the Group of Ten and board member of the Bank for International Settlements, where he later became vice-president.