Francesco Mazzaferro, ESRB
The name of Francesco Mazzaferro took the spotlight in December after the European Systemic Risk Board (ESRB) published a report picking holes in the Solvency II framework and calling for the introduction of a bank-like countercyclical capital requirement and the revision of the ultimate forward rate. The Italian national began his career in financial research in the Research Department of the Istituto Bancario San Paolo di Torino, before becoming an EU official in 1992. He has been head of secretariat at the ESRB since 2011.
What do you enjoy most about your role?
Three things: first, to be at the service of citizens; trying to avoid risks of a systemic nature, which would harm the economy and citizens' long-term wellbeing. Second, to work in an intermediary position between central banks, supervisors and academics, theory and practice, global picture and nitty-gritty, therefore being asked to mediate between different sensitivities. Third, to have a forward-looking and non-routine based job.
What attracts you to the field of regulation?
I am a lawyer who turned to economics shortly after joining the professional world. I like this 'cross-over' intellectual environment. Regulation is about understanding what is needed to create frameworks within which market forces can obtain socially valuable results. It is about understanding micro and macro, together with public and private governance. Macro-prudential legislation, on top of it, is about addressing the same attention to all sectors of the economy, looking at their collective behaviour in risky situations.
Who or what has inspired your work?
I had two exceptionally good chairs, first Jean-Claude Trichet and now Mario Draghi. They both are willing and able to take the necessary, sometimes bold actions that are needed. Before, I had the pleasure to work with Tommaso Padoa-Schioppa at the ECB, a very thoughtful man, always smiling and encouraging.
What are your other interests?
I have a blog on history of art sources with my brother. It is quite successful. We had more than 350,000 visits in something more than two years. As it is exclusively for the sake of disseminating culture, I am glad to refer to it. Enjoy it at http://www.letteraturaartistica.blogspot.com/