Francesco Papadia
Francesco Papadia is a Senior Fellow at Bruegel. He specialises in central banking, international economics and monetary policy.
He covers the European monetary union and related issues. He also researches monetary theory, inflation, exchange rates and financial markets, as well as macroeconomic integration, economic convergence and international monetary system design.
He speaks English, French and Italian.
He was previously Chair of the Selection Panel of the Hellenic Financial Stability Fund (HFSF). He was, between 1998–2012, Director General for Market Operations at the European Central Bank. He worked previously at the Banca d'Italia, first as Director of the International Section of the Research Department and then as Deputy Head of the Foreign Department. He attended postgraduate studies at the Istituto Adriano Olivetti (Ancona) and the London Business School.
Disclosure of interests
Featured work
Rules, discretion and market stabilisation in the euro area
Forty years of European History: Crisis, Resilience, Development and Opportunity
The ECB is not the Fed
What does it mean to be an independent and credible central bank, and how do the Federal Reserve and the European Central Bank stack up?
How long will the tariff madness last?
Pessimists argue Trump’s tariffs are here to stay; optimists argue that governments have limited ability to inflict pain on their electorates
All work
Report
01 December 2025
External publication
10 November 2025
Podcast
04 September 2025
The ECB is not the Fed
What does it mean to be an independent and credible central bank, and how do the Federal Reserve and the European Central Bank stack up?
First Glance
27 August 2025
How long will the tariff madness last?
Pessimists argue Trump’s tariffs are here to stay; optimists argue that governments have limited ability to inflict pain on their electorates
Event
02 June 2025
The ECB’s Digital Euro and new operational framework: is there an overlap?
What happens when the digital euro meets the ECB’s new monetary policy tools?
Analysis
29 April 2025
Make finance part of the EU-UK post-Brexit reset
The EU and UK should address issues with the clearing and settlement industry and letterbox firms
External publication
12 December 2024
Working paper
17 July 2024
The European Central Bank’s operational framework and what it is missing
This paper attempts to fill in the gaps in the European Central Bank's framework review
First Glance
14 March 2024
The European Central Bank’s timid operational framework update
The European Central Bank announced limited changes to its operational framework – which is probably right given current uncertainty
Event
15 November 2023
Government bonds in the ECB collateral framework: What role for credit ratings in the new normal?
How does the ECB's reliance on external credit assessments affect bond yields, government vulnerability, and potential sovereign debt crises?