The new governor of the Bank of Italy, Mario Draghi, took up his appointment on 16 January. Draghi, 58 years old, graduated from Romes La Sapienza university and took a PhD in Economics from Massachusetts Institute of Technology in 1976. He was Director General of the Italian Treasury from 1991 2001 and since 2002 has been a partner and managing director of bankers Goldman Sachs and vice chairman of Goldman Sachs International. Draghi will have plenty to occupy his first days, including the negotiation of the contracts for Bank of Italy employees which expired four years ago and the reorganisation of the old fashioned establishment where of the 8,000 employees, only those who work at the higher levels are allowed to use the internet.