Position: Economy Minister Incumbent: Pier Carlo Padoan Term: Appointed in February 2014 by Prime Minister Matteo Renzi
Key Facts: - A former official at the International Monetary Fund, Padoan was chief economist at the Paris-based Organisation for Economic Cooperation and Development when he was named economy and finance minister. - He is the latest in a series of technocrats to take the economy ministry portfolio, after his two predecessors, Fabrizio Saccomanni, a senior official at the Bank of Italy and Vittorio Grilli, former director general of the Treasury. - His primary task will be to oversee growth-boosting measures and structural reforms to the euro zone’s third-largest economy after years of decline, while maintaining strict limits on public finances. - His international credibility will also be vital in maintaining the confidence of Italy’s European Union partners as well as foreign investors. - As head of the OECD’s economics department, Padoan has called for aggressive easing from the European Central Bank and was an early critic of tough budget cutbacks in the euro zone’s weakest economies as they struggled with excessive debt.