Franco graduated from the University of Padua in 1977 with a degree in political science. In 1978, he obtained a master's degree in business organisation from the University Consortium of Business Organization of Padua. In 1979 he obtained a master's degree in economics from the University of York, Great Britain
From 2007 to 2011 he was Head of the Economic and Financial Structure Research Department and from 2011 to 2013 he was Central Director of the Economic Research and International Relations Area. In this capacity, he represents the Bank in committees and working groups in international bodies and is a member of working groups at the Ministry of Finance, the Ministry of the Treasury, the Presidency of the Council and Italian National Institute of Statistics.
From 17 May 2013 to 14 May 2019, Franco served as president of the State General Accounting Office. From 20 May to 31 December 2019 he was Deputy Director-General of the Bank of Italy, after which point he became Director-General.[3][4]
On 13 February 2021, Franco was appointed Minister of Finance and Economy in the Draghi cabinet.[3] In this capacity, he chaired the meetings of G20 Ministers of Finance when Italy held the group's presidency in 2021.[5]