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Architect of euro dies after suffering heart attack
An economist who created one of Italy’s most widely used words ”bamboccioni” or ”mummies boys” has died following a heart attack during a dinner party.
Tommaso Padoa-Schioppa while serving as Italy's finance minister in 2007Photo: AFP/GETTY
By Nick Pisa, Rome 4:23PM GMT 19 Dec 2010
Tommaso Padoa-Schioppa uttered the word during a parliamentary committee meeting on government plans for tax relief saying it would help thirty somethings still living at home with their parents to move out.
But Mr Padoa-Schioppa - who was 70 years old - was also famous as being one of the founding father’s of the euro and was a member of the European Central bank’s first executive board.
He collapsed on Saturday night as he hosted a Christmas party for 100 friends at the Palazzo Sacchetti in central Rome and an ambulance rushed him to hospital but he was declared dead on arrival.
Earlier guests had been treated to a private tour of the Sistine Chapel he had organised and had just given a short speech when he sat down and complained of feeling unwell.
Mr Padoa-Schioppa had also served as Minister of the Economy under Romano Prodie, the former prime minister, who had been due to attend the dinner but had to cancel at the last minute.
Mr Prodi paid tribute to him and said: ”He was a dear friend and one of the few people that I was close to.
I am shocked and saddened at his death.” Italian President Giorgio Napolitano said: ”He was among those who knew how to translate the European ideal into concrete and learned analyses and projects, giving in particular a lasting contribution to the birth of the euro and the eurozone.”
A life long banker he started his career in Germany before joining the Bank of Italy in 1968 where he remained for almost thirty years eventually become Deputy Director General in 1984 until he left in 1997.
He was a member of the European Central Bank’s six-member executive board from its foundation in 1998 until the end of May 2005, joining Prodi’s centre left government the following year.
Mr Padoa-Schioppa was also famous for once telling Italians:”We should have the courage to say that taxes are a beautiful thing. It is a civil way to contribute to indispensable benefits.”
He was also an opinion writer for Corriere Della Sera newspaper and in his last piece a month ago had written:”Italy is suffering from a deep triple crisis affecting its democracy, State and national unity.”
