Leonardo Gambacorta is the Head of the Emerging Markets unit at the BIS. Prior to his current role, he served as Head of Innovation and Digital Economy (2019-2024), Research Adviser (2014-2018) and Head of Monetary Policy (2010-12) in the Monetary and Economic Department. Before joining the BIS, he was Head of the Money and Credit Unit (2007-2009) and Head of the Banking Sector Unit (2004-2006) in the Research Department of the Bank of Italy. He was a visiting scholar at the National Bureau of Economic Research (2002–03). Leonardo holds an MSc in Economics from the University of Warwick and a PhD in Economics from the University of Pavia. His primary research interests include monetary transmission mechanisms, the effectiveness of macroprudential policies in curbing systemic risk, and the effects of technological innovation on financial intermediation. He is a research fellow of the Centre for Economic Policy Research.