Lessons Learned: Ignazio Visco

Ignazio Visco served as deputy director general (the equivalent of deputy governor) of the Bank of Italy during the Global Financial Crisis of 2007–09 (GFC) and as governor during the European Sovereign Debt Crisis in 2011 (SDC). During his multidecade tenure at the bank, he held several positions and served under nine prime ministers before stepping down in 2023. Although Italy had the third-largest economy in the eurozone, its banking sector had little exposure to mortgages, which resulted in its being somewhat less impacted by the GFC than other countries. However, the SDC had a severe impact. With the assistance of European Union (EU) programs, the country was able to recapitalize and stabilize its banks, but its economy continued to falter through the decade, and the nation was one of the first in Europe to be impacted by the COVID-19 pandemic. This Lessons Learned summary is based on an interview held in January 2024.