Paolo Baratta was born in Milan on November 11, 1939.
Since May 6, 2004 he has been a Director of Telecom Italia.
After achieving a Degree in Engineering at Milan Polytechnic and a Degree in Economics in Cambridge, in 1967 he began doing economic research at the Association for Industrial Development in Southern Italy (Svimez) in Rome.
In 1977 he became a Director of the Credit Institute for Public Utilities (ICIPU) and then Deputy Chairman.
From 1980 to 1992 he was Chairman of ICIPU, Credit Consortium for Public Works (CREDIOP), Deputy Chairman of Nuovo Banco Ambrosiano, Banco Ambrosiano Veneto and the Italian Bankers' Association (ABI).
In addition to being a Director of various companies, he was Chairman of the Centro Beneduce per gli Studi in Campo Bancario e Assicurativo.
In 1993 he became Minister for Privatizations with responsibility for the reorganization of the system of state holdings.
In 1993-94 he was Minister for Foreign Trade and Minister for Industry ad interim.
In 1995-96 he was Minister for Public Works and Minister for the Environment.
From 1997 to 2000 he was chairman of Bankers' Trust S.p.A. and from 1998 to 2000 Chairman of the Biennale di Venezia.
He is a member of the Italian Economists' Society and currently is Chairman of the Comitato Venezia Internazionale, of the Accademia Filarmonica Romana, of the Venice Biennale Foundation and of the Lorenzo Valla Foundation for the Greek and Latin Classics.
He is also Deputy Chairman of the Italian Environmental Fund (FAI) and Director of Ferrovie dello Stato S.p.A. (Italian National Railways), of Svimez and of the Cini Foundation-Venice.