Elsa Fornero


Elsa Fornero is an Italian economist, university lecturer, and politician who served as Minister of Labour, Social Policies, and Gender Equality in the Monti cabinet from November 2011 to April 2013.

Biography

Prior to becoming minister, Fornero was professor of Political Economics at the School of Management and Economics of the University of Turin starting in 2000. She taught macroeconomics and the economics of savings, social security, and pension funds. Her scientific research focused on public and private social security systems, social security reforms, aging populations, retirement choices, family savings, and life insurance.She is a member of the doctoral board in Economic Sciences of the University of Turin as well as the doctoral board in Social Protection Policy at the Maastricht Graduate School of Governance ; she is a member of the evaluation unit for social security expenditure established at the Ministry of Labour and Social Policies; member of the scientific committee of the Observatoire de l'Epargne Européenne ; member of the editorial board of the Rivista Italiana degli Economisti; and columnist for the economic and financial newspaper Il Sole 24 Ore.
From 1993 to 1998, she was councillor to the Municipality of Turin during the tenure of center-left mayor Valentino Castellani. In 2001, she received the Saint Vincent prize for economics and in 2003, together with Olivia Mitchell, she was granted the INA-Accademia dei Lincei award for studies in insurance matters.
Fornero was vice president of the Supervisory Board of Intesa Sanpaolo, vice president of the Compagnia di San Paolo, member of the board of directors of the Italian Society of Economists, member of the scientific committee of the General Confederation of Italian Industry, member of the commission of expert evaluators at the World Bank, member of the expert commission of the task force on "Portability of Pension Rights and Taxation of Pension Schemes in the EU" established at the CEPS , member of the Ministerial Commission of Independent Experts for Social Security Verification, member of the Mefop Scientific Committee, and non-executive independent director of Buzzi Unicem from 2008 to November 2011. She is currently member of the Advisory Group of New Pact for Europe.
In 2013, she received the Ezio Tarantelli Prize for "Best Economic Idea of the Year". The prize was awarded to her for having created ASPI, a new social safety net which was introduced through the labour market reform that bears her name. In 2014, she joined the board of directors of the Centrale del Latte di Torino as an independent director. She held the position until 31 December 2016.

Political career

On 16 November 2011, Fornero was appointed Minister of Labour, Social Policies, and Gender Equality, replacing Maurizio Sacconi.

Pension reform and the "exodus case"

Elsa Fornero assumed the role of minister in the Monti government, boasting twenty years of experience in the study of public pension systems, in a moment of serious financial crisis of the state that began in the summer of 2011 with the public debt crisis and the risk of not being able to pay public wages and pensions. As part of the "Save Italy" decree presented on 4 December 2011, the ministry presented a set of reforms of the Italian public pension system, drawn up in just 20 days. The reforms contemplated a number of measures to cut public spending and increase revenue with a concomitant increase in pension contributions.
The pension reform resulted in the so-called "exodus case" of 2012: this affair was at the centre of political and social disputes, as well as ideological and social clashes between workers' unions and the Monti government, with various controversies in the political arena and several debates within the Confindustria. The parliamentary clash ended on 4 July 2012 when the Chamber of Deputies rejected a no-confidence motion filed against Fornero by the Italia dei Valori party together with the Lega Nord party.

Controversy

Fornero was accused by many journalists, media, and politicians belonging to opposition parties of acting with a snobbish attitude towards the problems of common people during the economic crisis. Her statement that "nowadays, a job would not be a right anymore" became quite famous.
In December 2011, shortly after her appointment to the government post, Fornero cried publicly while presenting new austerity measures.

Personal life

Fornero is married to economist and journalist Mario Deaglio; they have two children together: Silvia Deaglio, who is an associate professor of medical genetics at the University of Turin; and Andrea Deaglio, a film director. In 2012, Silvia was criticized for teaching genetics at the same university where both her parents worked, as well as for managing a fund operated by Intesa Sanpaolo, whose vice president at the time was her mother Elsa. In November of the same year, a letter was sent to the university, bearing a French stamp, containing threats against Silvia.

Publications