Sunday, September 30, 2012

TPS - Interview with Tommaso Padoa-Schioppa, 2001

Interview with Tommaso Padoa-Schioppa

A charter member of the Executive Board of the European Central Bank discusses the evolution of that institution, the upcoming rollout of the euro in 12 European countries and how the ECB and the Fed compare, among other issues.

Arthur J. Rolnick - Senior Vice President and Director of Research, 1985-2010
Published December 1, 2001

"...PADOA-SCHIOPPA: Currency is an institutional phenomenon. Of course, it also has a lot to do with habit, but habit in a normal society, in a normal economy, cannot depart too much from institutional arrangements. You have dollarization when you have hyperinflation. You may have euroization in Kosovo because people are desperately looking for an anchor for stability. But in an ordinary society, even if the old Deutsche mark bank notes with the strong face of Sebastian M√ľnster were liked by German people more than the gentler face of Clara Schumann, which is now smiling on the one hundred dm notes, there is little they can do. They have to go with Clara now.
ROLNICK: I agree.
PADOA-SCHIOPPA: People may not be happy that the decision has been made to go to a monetary union, but you know there are still some monarchists in France and some republicans in the United Kingdom.
ROLNICK: And they're still not going to be happy.
PADOA-SCHIOPPA: I ask in taxis I get into, first, whether people like taxes and then would people like the euro. People don't like taxes and still they pay them. They recognize that it's part of the society to which they belong. Here in Germany, where it is notorious that there are people who were reluctant to abandon the Deutsche mark, most people—if you carry on the conversation a little bit—would recognize that it's good for Europe, that Europe is good for Germany, that it was something that had to happen one day...."

More About Tommaso Padoa-Schioppa

  • Member of the Executive Board of the European Central Bank since 1998
  • President of the International Center for Monetary and Banking Studies, Geneva, 2001
  • Member of the G-7 Deputies, 1998-present
  • Member of the G-20 Deputies, 1998-present
  • Chairman of the G-10 Committee on Payments and Settlement Systems, 2000-present
  • Chairman of the Basle Committee on Banking Supervision, 1993-97
  • Deputy Director General, Banca d'Italia from 1984-97
  • Director-General for Economic and Financial Affairs at the Commission of European Communities in Brussels, 1979-83
  • Joined Banca d'Italia in 1968 and held several positions, including Central Director for Economic Research
  • Master's degree from the Massachusetts Institute of Technology
  • Graduated from the Luigi Bocconi University, Milan, Italy
  • Author of numerous essays and articles. Among the most recent: "The Road to Monetary Union in Europe: The Emperor, the Kings and the Genies," published by Oxford University Press in 2000, and "EMU and Banking Supervision," in International Finance, 1999



  1. I can not give you a straight answer as there are no clear "proofs". Such statement is hard to defend and so I try not to do exactly that.
    I find more interesting TPS work and his life.
    His input to Euro project was quite big.

    Search and see my past posts...
    Enjoy and judge by yourself.
    I hope you will find it as interesting.

  2. Thanks for the comment, nobody's seems to want to talk about another's real identity. I could care less., secrets are for fools. History is important to me. It would be interesting to know who he was as a man and not as an anonymous blogger who wrote a few pages. His life would shape how freegold came about and the effort involved. Now that fofoa came "out of the closet" maybe we can have some open discussions. You by far have the most insight. TPS is just as interesting, He deserves his own blog! :) you put a lot of work into this, love it!

  3. I know lord richardson name has been thrown around as well, I have skimmed over your entire blog but didn't see anything on him, could u point me in the right direction?

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  6. Hi, I actually posted an answer but I took it off as it was not exact. Sorry I have been quite busy lately on other assignments & in personal life so there is not atm much time to post.

  7. you can drop me an email to