Nicola Carmine Salerno has over 20 years of experience working on issues related to welfare economics, impact evaluation of public policies, and law and economics. He is currently a Senior Expert on Impact Assessment at EIOPA, the European Insurance and Occupational Pensions Authority located in Frankfurt, Germany. Prior to this role, he held positions at research institutions such as ISAE and CeRM focusing on analyses of pension, health care, and welfare systems in Italy and comparative international perspectives. He has authored and contributed to several publications on these topics.

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Curriculum Vitae
Personal information
First name(s) / Surname(s) Nicola Carmine Salerno
Address Burg Strasse, 42
Frankfurt am Main (Germany)
Telephone(s) +393479023927 Mobile +393479023927;
01752606820
E-mail(s) nsalerno@cermlab.it, nsalerno@fondazionecerm.it
nicola.salerno@eiopa.europa.eu
Nationality Italian
Date of birth 16 September 1970
Gender Male
Desired employment /
Occupational field
Welfare Economics (health and pension systems), Impact Evaluation of Public
Policies, Law&Economics
Work experience
Dates 7/2012 - present
Occupation or position held Senior Expert on Impact Assessment
Main activities and responsibilities Within the Policy Unit and as part of the Impact Assessment Team, I contribute enhancing EIOPA’s
capacity on impact assessment, in terms of methodology, use of evidence and implementation of
guidelines. Within the Impact Assessment Team, I am charged of following the pension area (the
other area being the insurance one). Main responsibilities: (1) Participation to the development and
the launch of the first stress test exercise on occupational pension funds, in collaboration with National
Supervisors; (2) Definition of a new set of rules to take appropriately into account the risk arising from
state bonds holdings in the portfolios of insurance companies and pension funds; (3) Assistance in the
impact assessment evaluation of Solvency II guidelines (insurance); (4) Liaising with relevant 3rd
parties (e.g. EU Commission, National Supervisory Authorities, etc.); (5) Drafting policy documents
with suggestions for Policy Makers; (6) Representing the EIOPA point of view in meetings and round
tables.
Name and address of employer EIOPA – European Insurance and Occupational Pensions Authority – Frankfurt am Main (Germany)
Type of business or sector European Authority
Dates 9/2003 – 7/2012
Occupation or position held Senior Economist
Main activities and responsibilities I have been working in CeRM since 2003, focusing on pensions, health care and welfare systems. I
developed several analyses on the Italian pension system, also in an international comparative
perspective. By the methodological point of view, my contributions ever try to combine the normative
and institutional approach with rigorous quantifications and simulations over the mid-long run. An
other salient feature of my job regards the connections of pensions with the other parts of the welfare
system, and in particular health care provisions for the elderly and long-term cares. Moreover, several
works have been focused on the trade-off between adequacy of pensions and the sustainability of
public finances. Combining these two goals requires to extend the analyses to labour market reforms
and to the development of the multipillar pension system. Almost all works are available at the
institutional website www.cermlab.it.

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Name and address of employer Cerm - Competitiveness, Regulation, Markets
Via Salaria, 3, 00182 Rome (Italy)
Type of business or sector Research Institution
Dates 9/2001 – 9/2003
Occupation or position held Economist at Italian Power Exchange Operator (GME
Main activities and responsibilities I entered Gme (www.mercatoelettrico.org) when it had been just started in 2001. I contributed to the
writing of the first framework of rules on the basis of which operators could sell/buy energy and power
on the virtual market managed by Gme. It was a very interesting experience, with the application and
concretization of a lot a microeconomic theory.
Name and address of employer GME
Via M. Pilsudsky, 5, Rome (Italy)
Type of business or sector Private Industrial Sector
Dates 7/1999 – 2/2001
Occupation or position held Economist ISAE – Institute for Studies and Economic Analyses
Main activities and responsibilities Researcher in the Area "Microeconomics and Public Finance" (www.isae.it). Among my duties: (1)
welfare state reforms monitoring; (2) impact evaluation of the reform of the fiscal treatment of the
Italian private pension pillars (2000); (3) impact evaluation of the subtraction of the severance pay to
the disposal of firms, to dedicate it to finance pension funds; (4) participation to the works of the
Bertlesmann's network on European welfare systems; (5) application of the UNDP indicators of
poverty / welfare to Italian Regions and Cities; (6) participation to the debate that accompanied the
first adoption in Italy of an indicator of economic and social conditions (Ise), to filter the access to
social provisions financed by the public.
Name and address of employer ISAE - Institute for Studies and Economic Analyses
Piazza dell'Indipendenza, 4, 00185 Rome (Italy)
Type of business or sector Economic analyses - National Administration/Government
Dates 11/2000 - 06/2004
Occupation or position held Assistant in the Italian Treasury Department
Main activities and responsibilities I gave assistance in the designing and assessing of structural reforms regarding the Italian pension
system and the Italian labour market. During this period, I have also participated, as assistant, to the
works of the Ageing Working Group of EPC-ECOFIN. I have also contributed to the first Joint Report
on Pensions among the so called "European open coordination method on pensions and welfare". My
chapter contained a simulation of the tax rate on the prolongation of work, "implicit" in the Italian
pension rules. I was in charge of discussing the Pension Report presented by Austria, during the final
meeting held in Bruxelles
Name and address of employer Italian Treasury
Via XX Settembre, 00185 Rome (Italy)
Type of business or sector National Administration/Government
Dates 1/1998 – 7/1999
Occupation or position held Employed in the Equity Capital Market
Main activities and responsibilities Employed in the Equity Capital Market Division of Mediobanca S.p.A. - Milan (financial consultancy
mainly to pension funds). My main duty was consultancy to private pension funds about the
normative/regulatory framework that Covip (the Italian Authority on Pension Funds) was, in that
period, starting to construct. Beside this main duty, I was also involved, as assistant, in all the Initial
Public Offerings that Mediobanca managed in that period (Telecom and Bnl were the biggest two).
Name and address of employer Mediobanca S.p.A.
Piazzetta E. Cuccia,1, Milan (Italy)
Type of business or sector Private Financial Sector
Education and training
Dates 1995 - 1998
Title of qualification awarded Phd in Economics

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Principal subjects / occupational skills
covered
Economic Policy, Public Finance (focusing on welfare system)
Final dissertation: “Comparison between the macroeconomic performances of a Capitalisation
Pension System and a Pay-as-you-go Pension System in a context of endogenous growth due to
Human Capital Accumulation”. Tutors: Prof. F. Hahn (Cambridge University), Prof. G. Costa
(University of Pisa).
The thesis was awarded by the SIE (Italian Economic Association).
Name and type of organisation
providing education and training
University of Siena (University)
(Italy)
Dates 1996 - 1997
Title of qualification awarded Master's Degree in Economics
Principal subjects / occupational skills
covered
Economics and Public Finance. Final dissertation: “A comparison between the macroeconomic
performances of a Private and a Public Pension System”. Tutors: Prof. De la Croix (Université
Catholique de Louvain), Prof. P. Pestieau (Université de Liege).
Name and type of organisation
providing education and training
Université Catholique de Louvain
Louvain (Belgium)
Dates 1989 - 1994
Title of qualification awarded Degree in Economics
Principal subjects / occupational skills
covered
Degree in Economics at the “L. Bocconi” University of Milan. Specialisation: Financial and Monetary
Economics; Final result: ‘110/110’; Title of the dissertation: “Estimation of fiscal facilities granted to
Italian Pension Funds”; Tutor Prof. Prof. R. Artoni (Department of Public Economics and Finance).
Name and type of organisation
providing education and training
University Bocconi
(Italy)
Personal skills and
competences
Mother tongue(s) Italian
Other language(s)
Self-assessment Understanding Speaking W r i t i n g
European level (*) Listening Reading Spoken interaction Spoken production
English C1 Proficient user C1 Proficient user C1 Proficient user C1 Proficient user B2 Independent user
French B1 Independent user B1 Independent user B1 Independent user B1 Independent user B1 Independent user
(*) Common European Framework of Reference (CEF) level
Skills and competences I dedicated to welfare system large parts of my academic studies. The undergraduate thesis in
"Bocconi" University regarded an estimation of fiscal facilities granted to Italian pension funds by the
Law n. 124-1993. The Master thesis (Louvain-la-Neuve, Be) developed an overlapping generations
model in which the presence and the structure of the pension system influence the endogenous
accumulation of human capital and the dynamics of the entire economic system. This model has been
further articulated in the Ph. D. (University of Sienna). Afterwards, pensions and the institutions of
welfare systems have remained the main subjects I worked with. During my working experiences,
since 1998, I have had the possibility to deal with pension issues under different point of views, all
important to construct a wide and comprehensive vision. In Mediobanca S.p.A. (1998-1999) a was
involved in offering consultancy to Italian pension funds about the normative and regulatory framework
that the Covip (the Italian Pension Funds Authority) was at that time starting to design. In Isae (2000-
2001), my principal duties regarded impact evaluations of the process of reforms of the public and the
private pension pillars. I was in charge of representing the Isae in the Bertlesmann's working group, e
network that gathered several Centres of economic analyses to share information and data about
welfare systems in Europe. During my collaboration with the Treasury (2001-2004, with some
projected concluded in 2005), I was assistant in the works of the Ageing Working Group of EPC-
ECOFIN,dealing with the evaluation of the impact of ageing on social expenditures, the projection of
social expenditures in the mid-long run, and the incorporation of these projections in the judgement of
public finances sustainability. For the Department of Treasury I performed an application of the so
called "Gruber and Wise" methodology to the Italian pension system; this work was published as a

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chapter of the Dpef-2002 (under the supervision of Prof. Riccardo Faini). In CeRM (where I currently
work) I am the person responsible for the analyses regarding pensions, health care and Ltc, and
welfare system institutions. Among my recent works: (a) a proposal for accelerating the transition of
the Italian pension system toward the full application of the notional capitalization rules (the so called
"Dini" rules); (2) a simulation of the mid-long run effects of the over reliance on PYGO systems for
financing pensions and health care provisions in Europe and Us (using the same methodology
developed by Kotlikoff); (3) the proposal for a new instrument (we named it Welfare Fund), with many
positive structural characteristics to play the role of providing at the same time complementary
pensions and complementary health care covering. For this latter, an English version is available
online to the following address:
http://www.cermlab.it/_documents/_argomenti/CeRM_Welfare_Fund_EN_March_2011.pdf.
During almost ten years of works on pensions and welfare state themes, I matured attitudes to
produce different types of documents: - creation and organization of datasets with underlining of
stylized facts; - brief descriptions of data, also accompanied by tables and graphs; - analyses of data
aiming at deriving policy implications; - overview of the structure of pensions systems and welfare
systems, also in a evolutionary and a comparative perspective; - comparisons of best practices; -
Country fiches with the descriptions of structure of welfare systems, the functioning of the various
welfare institutions, the fiscal treatments, the source of financing ... - Country fiches with impact
evaluations of reforms and changes in the legislative-normative framework; - position papers
containing policy prescriptions; - slides and presentations for round tables; - collaboration to reports
and books (as coauthor or as a contributor of a chapter, a paragraph or a box).
Other information
Referee for the International Review of Economics, Springer Berlin / Heidelberg
Additional information :: WORKING PAPERS :::
"The Multipillar System for Health Care Financing:Thirteen Good Reasons for Open Capitalisation
Funds, Covering both Pension and Health Care Provisions", CeRM position Paper available online
(2011)
“La nuova fiscalità della previdenza complementare per il lavoratore, l’impresa, l’Erario” (con F.
Pammolli), Quaderni MEFOP n. 14/2006
“Le imprese e il finanziamento del pilastro previdenziale privato”, Quaderni Mefop, n. 12/2006
::: BOOKS :::
"La Sanità in Italia - Federalismo, regolazione dei mercati, sostenibilità delle finanze pubbliche" (con
F. Pammolli), Il Mulino, Bologna, 2008
::: EDITED BOOKS :::
"Il sistema pensionistico: quale riforma?", (con F. Pammolli), parte II, cap.9, pp. 335 – 353 in: a cura di
Luciano Guerzoni, La Riforma del Welfare - Dieci anni dopo la «Comissione Onofri», Il Mulino,
Bologna, 2008
“Spesa sanitaria, demografia, istituzioni” (con F. Pammolli), cap. 7, pp. 103-125 in (a cura di) M.
Madìa, Un Welfare Anziano - Invecchiamento della popolazione o ringiovanimento della società?, Il
Mulino – Arel, Bologna, 2007
::: CONTRIBUTIONS TO THE INSTITUTIONAL REPORTS :::

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"Medical Devices Competitiveness and Impact on Public Health Expenditure" (con F. Pammolli, M.
Riccaboni, C. Oglialoro, L. Magazzini, G. Baio), Entreprise Directorate-General, European
Commission, Bruxelles, 2005.
“The projected reform of the Italian pension system”, in ‘Relazione Previsionale e Programmatica -
aggiornamento’, Ministry of Treasury, Rome, March 2004
“The second pension pillar", in ‘DPEF -Documento di Programmazione Economico Finanziaria per gli
anni 2002-2006’, volume ‘Analisi’, pp. 43-46, Ministry of Treasury, Rome, luglio 2001
“Increments in pension wealth gained through prolonging working life: the application to the Italian
case", in ‘Rapporto di Strategia Nazionale sulle Pensioni’, volume ‘Appendice Statistica’, pp. 69-72,
Ministry of Treasury, Rome, Septembre 2002
“Measures to reduce early retirement", in ‘Rapporto sulle Riforme Economiche’, pp. 53-62, Ministry of
Treasury, Rome, Decembre 2002
“ISEE: che fare?” (con S. Gabriele, D. Piacentino, V. Polin), in ISAE, Rapporto trimestrale Finanza
Pubblica e Redistribuzione, Ottobre 2000
“Manovra a somma zero: il possibile utilizzo delle risorse attese”, in ISAE Rapporto trimestrale- Le
previsioni per l’Economia italiana, Luglio 2000
“Povertà e sviluppo in un’analisi multidimensionale: l’approccio à la Sen", in Rapporto trimestrale ISAE
- Priorità nazionali: regolamentazione, competitività, cittadinanza, pp. 205-227, aprile 2000
“Convenienza e trasferimento del TFR al fondo pensione: la nuova normativa", ISAE in ‘Rapporto
trimestrale - Le Previsioni per l’Economia Italiana’, pp. 100-103, gennaio 2000
"A macroeconomic point of view about the Reform of the Italian Pension System", in 'Contributi di
Ricerca IRS' n. 34, IRS, Milan, June 1995
::: ARTICLES IN NEWSPAPERS :::
Il Sole 24 Ore
Pilastro flessibile per le pensioni (con F. Pammolli), 24/06/2009
Un patto tra Lavoro e Welfare (con F. Pammolli), 04/03/2009
Pensioni, possibili risparmi per lo 0,8% del Pil (con F. Pammolli), 17/02/2009
La voce.info (www.lavoce.info)
Come evitare lo "scalone" (con F. Pammolli), 02.04.2007
Metti una farmacia tra Antitrust e Corte Costituzionale (con C. Bonassi, Fabio Pammolli), 14.02.2007
Pil, fondi pensione e Tfr (con F. Pammolli), 25.01.2007
Quei due fondi tra il Tfr e la previdenza privata (con F. Pammolli, S. Costagli), 30.10.2006
Annexes
REFERENCES:
Prof. Franco Bassanini
President of "Cassa Depositi e Prestiti S.p.A." and "Fondazione Astrid"
address: franco@bassanini.it
Relationship: Coordinator of several working groups on ageing and pension reforms held in Astrid

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Prof. Fiorella Kostoris Padoa Schioppa
Professor of Economics, University of Rome "La Sapienza"
address: fiorella.kostoris@tin.it
Relationship: President of Isae (1999-2001)
Dott. Flavio Padrini
Director at the Italian Treasury
address: flavio.padrini@tesoro.it
Relationship: Italian delegate in the Working Group on Ageing of EPC-ECOFIN (1999-2003)