Carlo Cottarelli, a citizen of Italy, has been Director of the Fiscal Affairs Department since November 2008. After receiving degrees in economics from the University of Siena and the London School of Economics, he joined the Research Department of the Bank of Italy where he worked from 1981 to 1987. He joined the IMF in 1988, working for the Fiscal Affairs Department, the European Department, the Monetary and Capital Markets Department, and the Policy Development and Review Department. He was Deputy Director both in the European Department and the Policy Development and Review Department. Mr. Cottarelli has worked on several advanced, emerging market, and low-income countries in the context of surveillance, IMF-supported programs, and technical assistance, including Albania, Croatia, Hungary, Lebanon, Russia, Serbia, Tajikistan, Turkey, Italy, and the United Kingdom. He has written several papers on fiscal and monetary policies and institutions, and edited books on inflation, monetary policy, and exchange rates.