Meloni Is About to Back Insider Barbieri for Italy Treasury Role

(Bloomberg) -- Riccardo Barbieri is poised to become the chief official at Italy’s Treasury after being nominated for the role by Finance Minister Giancarlo Giorgetti before a cabinet meeting on Thursday.

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The choice to be discussed by Prime Minister Giorgia Meloni and her coalition colleagues will mean an internal promotion to succeed Alessandro Rivera as the director general, instead of an outside candidate for the job.

A veteran of London’s finance industry who became the Treasury’s chief economist in 2015, Barbieri’s prior career spanned banks including JPMorgan, Morgan Stanley and Bank of America-Merrill Lynch, and Mizuho International.

The director general role is crucial for economic policy and for managing state-controlled entities, and the choice will kick off a year of appointments both in the public sector and state-owned companies. The position, once held by former Premier Mario Draghi, is one of the most high profile in Italy’s public administration.

Ministers will also discuss the reconfirmation of another Treasury insider, Biagio Mazzotta, as State Accountant, according to a statement.

The 64-year-old Barbieri, is a graduate of Bocconi University in Milan, who then earned a PhD in economics from New York University.

His appointment follows much internal debate in the coalition over who to name to the role. Aside from the option of sticking with Rivera, alternative possible candidates included the heads of state-controlled companies.

Choosing a Treasury insider with extensive prior outside experience may prove useful in a crucial year ahead for Italian state companies, with the upcoming sale of ITA, the turnaround of former phone monopoly Telecom Italia SpA and the fate of Monte Paschi all hanging in the balance.

The director general role has previously proven a springboard to higher office. Aside from Draghi — who went on to lead the Bank of Italy, the European Central Bank and then Italy itself — former finance ministers Vittorio Grilli and Domenico Siniscalco also served in the job.

--With assistance from Flavia Rotondi.

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