After obtaining a degree in economics from the University of Cagliari in 1961, his career started at the Servizio Studi (internal research service) of the Bank of Italy.

[citation needed] In the following years, he became President of Credito Industriale Sardo (1980–1989), Secretary-General for Economic Planning at the Ministry of Budget (1980–1982), Chief Executive Officer and then Managing Director of Banca Nazionale del Lavoro (1989–1990), President of the Fondo Interbancario di Tutela dei Depositi (1990–1999), Impregilo, Gemina, Aeroporti di Roma and Consorzio Venezia Nuova (2000–2010).

In 2010, he was appointed President of Fondo Interbancario di Tutela dei Depositi for the second time and served as the Chairman of the Fintech startup Euklid Ltd until 2018.

President Sergio Mattarella opposed his appointment, considering his outspoken support for Italy's covert exit from the euro an overwhelming risk for the country's economy.

[13][14] The two parties refused to replace Savona with any other candidate, forcing the appointed prime minister Giuseppe Conte to give up on his task of forming a government.

[15] The appointing of Cottarelli sparked furious reaction from the leadership of the Five Star Movement, who accused Mattarella of committing a coup d'état against the will of the Italian people.

[citation needed] Savona's favourite research topics are the international monetary system, the effects of the growth of the derivatives market on the efficacy of the economic policy, and the gaps in productivity between the centre-north of Italy and its south.