Paolo Baffi

Paolo Baffi (5 August 1911 – 4 August 1989) was an Italian academic, banker, and economist.

He was the Governor of Bank of Italy from 1975 to 1979.

He was born at Broni.

He became governor of the Bank of Italy in 1975, succeeding Guido Carli.

His appointment was supported by both the government parties (in particular the Republican Party and Aldo Moro of Christian Democracy, then president) and the main opposition force, the Communist Party.

He resigned in 1979, after a failed accusation against him led by magistrates of the Tribunal of Rome, considered kin to the Caltagirone family (a group of builders who had contracted heavy debts with the Bank of Italy) and Christian Democracy.

In March 1979, he was implicated in a judicial investigation into the lack of vigilance by the credit institutes opened by the deputy prosecutor of the Republic of Rome Luciano Infelisi and conducted by the investigating judge Antonio Alibrandi.

The vice-director of the Bank of Italy, Mario Sarcinelli, was also indicted and even arrested.

A wave of indignation swept through Rome's judiciary.

Baffi and Sarcinelli received countless demonstrations of support.

Baffi, who escaped the shame of arrest due to his age, preferred to resign as governor in September 1979.

Before relinquishing his post, he suggested the name of his successor, Carlo Azeglio Ciampi, to Prime Minister Francesco Cossiga.

Baffi was acquitted: the indictment was unfounded.

The suspect is that he was indicted for "indication" of powerful foreign powers because he was defending Italy's interests in the negotiations to join the new European single currency.

He was awarded the title of honorary governor and, until his death in August 1989, was advisor and from September 13, 1988 vice-president of the Bank for International Settlements (BIS).

Baffi died in Rome in 1989.

The Bank of Italy library has been named after him since 1990.