Oxera works with highly skilled independent experts who have a wealth of knowledge within their fields. These individuals are highly recognised within a variety of sectors and our collaboration with them means that we can offer the best advice, which in turn inspires our clients to make informed decisions.


Sergio specialises in financial economics and regulation, and has an in-depth knowledge of international financial regulation and supervisory practices. He has been an adviser at the Italian Banking Association since 2013, where he has monitored the establishment of the Single Supervisory Mechanism (SSM) at the European Central Bank (ECB) in Frankfurt, participated in informal and formal meetings with ECB, SSM and European Systemic Risk Board (ESRB) staff, and liaised with European banks, trade associations and the German Bundesbank. Since 2016, he has also been a member of the Banking Stakeholder group of the European Banking Authority, and he sits on the Panel of Experts of the International Monetary Fund (IMF).

Sergio was previously a consultant and interim Head of the Rome Office at the World Bank, and before that Head of Regulatory Affairs at UniCredit S.p.A. and Chief Economist at Capitalia and Banca di Roma. At the World Bank, UniCredit and Banco di Roma he worked with top management on starting new projects and building new units. He has also held management positions at the Italian Statistical Office and worked as an economist at the IMF and the Italian Institute for Economic Planning.

His extensive experience in the European banking sector has focused on restructuring, mergers and acquisitions, and cross-border banking. Sergio has worked on supervision, Basel 3, crisis management and resolution, shadow banking, systemic risk, and banking union. He was also a member of the working group on the Recovery Plan of UniCredit. He has co-led a private initiative to re-launch the securitisation market in Europe (‘Prime Collateralised Security’) and been involved in a White Paper proposal for a European Bank Recovery Fund.

Sergio has an extensive network of institutional and academic contacts, including major international institutions, financial industry associations, and the top management of major banks and international organisations. He occasionally lectures at the University of Milan and at LUISS Guido Carli, Rome, and has published on economic and monetary policy, fiscal policy and income redistribution.

Selected project experience

  • Identification and reporting on the main regulatory barriers to financial integration in the EU and on the economic and legal aspects of cross-border banking, developed for and presented at an informal Economic Ministers (ECOFIN) meeting
  • Establishment and development of a strong and effective Regulatory Affairs Unit for the economic analysis and evaluation of proposed changes in financial regulation and supervision
  • Development of a credit risk model, and management of sector analyses and forecasts for the eventual enhancement of credit policy
  • Quantitative analyses for public decision-making, including statistical and econometric analyses of household survey data. Cost–benefit analysis for public administration and development of micro-simulation models for policy evaluation (including the first Italian micro-simulation tax model)
  • Analysis and evaluation of economic policies and relevant government bills
  • Technical assistance for the IMF on public expenditure, social and fiscal policy, with missions in Belarus, Congo, Ghana, Greece, Hungary, Italy, Latvia, Lithuania, Poland, the Slovak Republic and Slovenia
  • Establishment of an effective and efficient Research Department, and management of econometric modelling for financial markets and sector forecasts providing input to key planning and business lines (marketing, budgeting, credit risk assessment, asset allocation, and trading) and economic analyses and forecasts for clients
  • Occasional studies on industrial sectors, local economies, and emerging markets
  • Development, management and analysis of surveys, and economic analyses of Italian companies, including the implementation of the first Italian survey on the service sector
  • World Bank project on Migration in Europe

Selected publications

  • Oricchio, G., Crovetto, A., Lugaresi, S. and Fontana, S. (2017), SME Funding, Palgrave MacMillan.
  • Lugaresi, S. (2015), ‘Review of the Main European Policy Initiatives’, RELTIF, January.
  • Lugaresi, S. (2014), ‘The relationship between the European Central Bank and National Competent Authorities’, in E. Barucci and M. Messori (eds), Towards the European Banking Union, Passigli Editori.
  • Verhoeven, M., Gunnarsson, V. and Lugaresi, S. (2007), ‘The Health Sector in The Slovak Republic: Efficiency and Reform’, IMF Working Paper No. 07/226, September.
  • Lugaresi, S. (2006), ‘Issues in Health Care and Social Assistance’, Selected Issues, IMF Country Report on the Republic of Lithuania, Washington DC.
  • Lugaresi, S. and Oricchio, G. (2000), ‘I modelli Credit at Risk e il pricing della securitization: l’esperienza della Banca di Roma’ (‘Credit at Risk models and securitisation pricing: the experience of Banca di Roma’), in P. Savona and A. Sironi A. (eds), La gestione del rischio di credito (Credit Risk Management), Edibank.
  • Emiliani N., Lugaresi, S. and Ruggiero, E. (1997), ‘Italy’, in T. Ter-Minassian (ed.), Fiscal Federalism in Theory and Practice, International Monetary Fund.


  • PhD Political Economics, University of Modena, Italy