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Monti, Mario Monti, Mario

Monti, Mario

President of the Council of Ministers of Italy (2011-2013)

Mario Monti is a former Prime Minister of Italy, serving from 2011 to 2013. He is President of Bocconi University (since 1994) and Italian Senator for life (since 2011). In August 2020 he has been appointed Chairman of the “Pan-European Commission on Health and Sustainable Development: Rethinking Policy Priorities in the light of Pandemics”, convened by WHO/Europe.

In November 2011, with Italy close to default, President Napolitano called on Monti to form a government of national unity, taking the positions of Prime Minister (2011-2013) and Minister of Economy and Finance (2011-2012). Eliciting cross-party support, the government overcame the financial crisis, initiated structural reforms and obtained vital improvements in Euro-area governance. After months of negotiations under Italy’s pressure, Germany, the Netherlands and Finland changed position and joined a unanimous statement by the Euro Summit (June 2012) calling for interventions in order to stabilize sovereign bond markets. This provided the ECB with the highest political coverage for a shift in monetary policy, which was in fact announced shortly afterwards by the ECB President.

Monti had previously served for ten years as Member of the European Commission (1995-2004). As Commissioner for the Single Market (1995-1999) and Competition (1999-2004), he fostered market integration whilst promoting tax coordination; and sanctioned high-profile cases of abuses of dominance (e.g. Microsoft), anticompetitive mergers (e.g. GE/Honeywell) and illegal state-aids (e.g. German government’s guarantees to public banks).

He has been member of several advisory commissions in Italy (e.g. Monti Commission on banking and financial reform, Italian Treasury, 1982), in the UK (Roll Committee on the independence of the Bank of England, CEPR, 2003), in France (Attali Commission on economic growth in France, Presidency of the Republic, 2007).

At the EU level, he has been the author of A New Strategy for the Single Market, a report to the President of the European Commission (2010), and the chairman of the High-level Group created by the European Parliament, the Council and the Commission that released the report Future Financing of the EU (2017), with emphasis on Own Resources, now the key to the EU Recovery Plan.

Monti has been the founding chairman of IGIER, established at Bocconi with CEPR and NBER
(1990), and of Bruegel, the European think-tank based in Brussels (2005).

Born in Varese, Italy, in 1943, he graduated from Bocconi University and pursued graduate studies at Yale University. He was professor of Economics at the University of Trento, at the University of Torino, and then at Bocconi, where he was Rector between 1989 and 1994. He is one of the 12 foreign members of the Institut de France (Académie des Sciences morales et politiques) (since 2012), a member of the Board of Trustees of Friends of Europe (since 2005) and the Chairman of the Advisory Board of the School of Transnational Governance at the European University Institute (since 2019).

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