Leonardo Gambacorta is the Head of the Innovation and the Digital Economy unit at the BIS. Before taking up his current position, Leonardo was Research Adviser (2014-2018) and Head of Monetary Policy (2010-12) in the Monetary and Economic Department. He was also Head of the Money and Credit Unit (2007–09) and Head of the Banking Sector Unit (2004–06) of the Research Department of the Bank of Italy. He was a visiting scholar at the National Bureau of Economic Research (2002–03). He holds an MSc in Economics from the University of Warwick and a PhD in Economics from the University of Pavia. His main interests include the monetary transmission mechanisms, the effectiveness of macroprudential policies on systemic risk, and the effects of technological innovation on financial intermediation. He is a research fellow of the Centre for Economic Policy Research.