Giorgetti at Bocconi: “Italy Needs Fiscal and Monetary Discipline”
“The country needs fiscal and monetary discipline to safeguard the value of savings and the currency.” With this statement, which directly echoes Paolo Baffi’s teaching, Minister of Economy and Finance Giancarlo Giorgetti set the tone for his Lectio Paolo Baffi at Bocconi University. His return in Bocconi as an alumnus turned into a systematic analysis of the challenges facing Italy’s public finances and the issues arising from the European and geopolitical context.
The minister retraced the crucial stages of Italy’s economic history — from the 1981 “divorce” between the Treasury and the Bank of Italy, to the adoption of the euro, and through the long period of monetary and fiscal exceptionalism — leading up to a highly relevant message: “Discipline is always the result of the interplay between two elements: the rules of the game and the behavior of the players.”
Minister Giorgetti also addressed the geopolitical dimension that now influences economic policy, emphasizing that “an insufficient presence of public money, whether in the traditional form of cash or as digital currency, poses a risk to the effectiveness of economic policies and national security. It is in everyone’s interest to keep the level of attention high.”
Concluding his speech, Giorgetti addressed the students directly: “classrooms are the true, living spaces where knowledge is shared and generations meet. Whatever technological evolution may come, it must serve to enhance sharing, never to replace it.”
The Role of the Baffi Center
Rector Francesco Billari emphasized the significance of the lecture: “The Lectio Paolo Baffi is a valuable opportunity to foster dialogue among scholars, institutions, and students on issues that shape the country’s economic life. The presence of Minister Giorgetti, a Bocconi alumnus, reflects the University’s tradition of educating civil servants capable of assuming public responsibilities at the highest level, combining technical expertise with service to the common good.”
Massimiliano Marcellino, Director of the Baffi Center, reiterated the importance of the center’s mission: “Today, the Baffi Center stands as one of Europe’s leading hubs for applied research in economics, finance, and regulation. With over 150 researchers and 16 research units, it combines academic rigor with practical relevance to address major challenges in public policy and regulation. A lecture like this, on public debt and the euro, is fully aligned with our mission to connect academic research, policy decisions, and real-world economic implications.”
Remembering Paolo Baffi
The event was also an occasion to honor Paolo Baffi, a Bocconi alumnus and Governor of the Bank of Italy from 1975 to 1979, a symbol of independence and technical rigor. A refined economist, Baffi devoted his career to monetary stability and the protection of savings, anticipating many of the dilemmas that continue to shape monetary policy today.
As Donato Masciandaro, Honorary President of the Center, noted: “The thought and example of Paolo Baffi remain an essential reference point for anyone engaged in economics and public policy. The lecture that bears his name is not only a tribute but an invitation to combine knowledge, responsibility, and independence of judgment.”
