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Mario Draghi (; born 3 September 1947) is an Italian economist, academic, banker and civil servant who served as
prime minister of Italy The Prime Minister of Italy, officially the President of the Council of Ministers ( it, link=no, Presidente del Consiglio dei Ministri), is the head of government of the Italian Republic. The office of president of the Council of Ministers is ...
from February 2021 to October 2022. Prior to his appointment as prime minister, he served as
President of the European Central Bank The president of the European Central Bank is the head of the European Central Bank (ECB), the main institution responsible for the management of the euro and monetary policy in the Eurozone of the European Union (EU). The current presiden ...
(ECB) between 2011 and 2019. Draghi was also Chair of the
Financial Stability Board The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability For ...
between 2009 and 2011, and
Governor of the Bank of Italy The Governor of the Bank of Italy is the most senior position in the Bank of Italy. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming his or her successor. List of governors ...
between 2006 and 2011. After a lengthy career as an academic economist in Italy, Draghi worked for the
World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
in Washington, D.C., throughout the 1980s, and in 1991 returned to
Rome , established_title = Founded , established_date = 753 BC , founder = King Romulus ( legendary) , image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg , map_caption ...
to become Director General of the Italian Treasury. He left that role after a decade to join
Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Ho ...
, where he remained until his appointment as Governor of the Bank of Italy in 2006. His tenure as Governor coincided with the 2008 Great Recession, and in the midst of this he was selected to become the first Chair of the
Financial Stability Board The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability For ...
, the global standard-setter that replaced the Financial Stability Forum. He left those roles after his nomination by the
European Council The European Council (informally EUCO) is a collegiate body that defines the overall political direction and priorities of the European Union. It is composed of the heads of state or government of the EU member states, the President of the ...
in 2011 to serve as President of the ECB. He presided over the institution during the
Eurozone crisis The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies ...
, becoming famous throughout Europe for saying that he would be prepared to do "whatever it takes" to prevent the
euro The euro ( symbol: €; code: EUR) is the official currency of 19 out of the member states of the European Union (EU). This group of states is known as the eurozone or, officially, the euro area, and includes about 340 million citizens . ...
from failing. In 2014, Draghi was listed by ''
Forbes ''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'' as the eighth-most powerful person in the world. In 2015, ''
Fortune Fortune may refer to: General * Fortuna or Fortune, the Roman goddess of luck * Luck * Wealth * Fortune, a prediction made in fortune-telling * Fortune, in a fortune cookie Arts and entertainment Film and television * ''The Fortune'' (1931 film) ...
'' magazine ranked him as the world's "second greatest leader". He is also the only Italian to be listed three times in the ''
Time 100 ''Time'' 100 (often stylized as ''TIME'' 100) is an annual listicle of the 100 most influential people in the world, assembled by the American news magazine ''Time''. First published in 1999 as the result of a debate among American academics, p ...
'' annual
listicle In journalism and blogging, a listicle is an article that is structured as a list, which is often fleshed out with additional text relating to each item. A typical listicle will prominently feature a cardinal number in its title, with subsequent su ...
. In 2019,
Paul Krugman Paul Robin Krugman ( ; born February 28, 1953) is an American economist, who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ''The New York Times''. In 2008, Krugman was t ...
described him as "the greatest
central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a centra ...
er of modern times." Moreover, thanks to his monetary policies, he is widely considered the "saviour of the euro" during the
European debt crisis The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone me ...
. He has been nicknamed ''
Super Mario (also known as and ) is a platform game series created by Nintendo starring their mascot, Mario. It is the central series of the greater ''Mario'' franchise. At least one ''Super Mario'' game has been released for every major Nintendo vide ...
'' by some media, a nickname that was popularised during his time as President of the ECB, when he was credited by numerous sources as having played a key role in combatting the
Eurozone crisis The euro area, commonly called eurozone (EZ), is a currency union of 19 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies ...
. After Draghi's term as ECB President ended in 2019, he initially returned to private life. On 3 February 2021, in the midst of the
COVID-19 pandemic in Italy The COVID-19 pandemic in Italy is part of the ongoing pandemic of coronavirus disease 2019 () caused by severe acute respiratory syndrome coronavirus 2 (). The virus was first confirmed to have spread to Italy on 31 January 2020, when ...
, Draghi was invited by President
Sergio Mattarella Sergio Mattarella (; born 23 July 1941) is an Italian politician, jurist, academic and lawyer who has served as the president of Italy since 2015. A Christian leftist politician, Mattarella was a leading member of the Christian Democracy par ...
to form a
government of national unity A national unity government, government of national unity (GNU), or national union government is a broad coalition government consisting of all parties (or all major parties) in the legislature, usually formed during a time of war or other nati ...
( Draghi Cabinet), following the resignation of
Giuseppe Conte Giuseppe Conte (; born 8 August 1964) is an Italian jurist, academic, and politician who served as prime minister of Italy from June 2018 to February 2021. He has been the president of the Five Star Movement (M5S) since August 2021. Cont ...
. After successful negotiations with parties including the
League League or The League may refer to: Arts and entertainment * ''Leagues'' (band), an American rock band * ''The League'', an American sitcom broadcast on FX and FXX about fantasy football Sports * Sports league * Rugby league, full contact footba ...
(Lega), the
Five Star Movement The Five Star Movement ( it, Movimento 5 Stelle , M5S) is a political party in Italy. Its leader and president is Giuseppe Conte, Prime Minister of Italy from 2018 until 2021. The M5S was founded on 4 October 2009 by Beppe Grillo, a comedian an ...
(M5S), the Democratic Party (PD), and
Forza Italia Forza ItaliaThe name is not usually translated into English: ''forza'' is the second-person singular imperative of ''forzare'', in this case translating to "to compel" or "to press", and so means something like "Forward, Italy", "Come on, Ital ...
(FI), Draghi was sworn in as Prime Minister on 11 February, pledging to oversee effective implementation of COVID-19 economic stimulus. Draghi has been rated highly in public opinion polls in Italy during his time as prime minister; at the end of his first year in office ''
Politico Europe ''Politico Europe'' (stylized as ''POLITICO Europe'') is the European edition of the German-owned news organization ''Politico'' reporting on political affairs of the European Union. Its headquarters are located in Brussels with additional offices ...
'' ranked him as the most powerful person in Europe and ''
The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Eco ...
'' named Italy as "Country of the Year", singling out Draghi's leadership as central to its nomination. On 14 July 2022, the M5S revoked support to Draghi's coalition government regarding a
decree A decree is a legal proclamation, usually issued by a head of state (such as the president of a republic or a monarch), according to certain procedures (usually established in a constitution). It has the force of law. The particular term used ...
concerning economic stimulus to offset the energy crisis. On the same day, despite having largely won the
confidence vote A motion of no confidence, also variously called a vote of no confidence, no-confidence motion, motion of confidence, or vote of confidence, is a statement or vote about whether a person in a position of responsibility like in government or mana ...
, Draghi announced his resignation as prime minister, which was rejected by President Mattarella. On 21 July, Draghi resigned for a second time following the failure of the confidence vote to pass with an
absolute majority A supermajority, supra-majority, qualified majority, or special majority is a requirement for a proposal to gain a specified level of support which is greater than the threshold of more than one-half used for a simple majority. Supermajority r ...
due to the withdrawals of M5S, Lega, and FI. On the same day, President Mattarella accepted the resignation and Draghi remained in office as caretaker prime minister. He was succeeded by
Giorgia Meloni Giorgia Meloni (; born 15 January 1977) is an Italian politician who has been serving as the Prime Minister of Italy since 22 October 2022, the first woman to hold this position. A member of the Chamber of Deputies since 2006, she has led the ...
on 22 October 2022.


Early life and education

Mario Draghi was born in
Rome , established_title = Founded , established_date = 753 BC , founder = King Romulus ( legendary) , image_map = Map of comune of Rome (metropolitan city of Capital Rome, region Lazio, Italy).svg , map_caption ...
in 1947 to an upper-class family; his father Carlo, who was born in
Padua Padua ( ; it, Padova ; vec, Pàdova) is a city and ''comune'' in Veneto, northern Italy. Padua is on the river Bacchiglione, west of Venice. It is the capital of the province of Padua. It is also the economic and communications hub of the ...
, first joined the
Bank of Italy The Bank of Italy ( Italian: ''Banca d'Italia'', informally referred to as ''Bankitalia''), (), is the central bank of Italy and part of the European System of Central Banks. It is located in Palazzo Koch, via Nazionale, Rome. The bank's cur ...
in 1922, and later worked for the Institute for Industrial Reconstruction (IRI) and for the
Banca Nazionale del Lavoro Banca Nazionale del Lavoro S.p.A. (BNL) is an Italian bank headquartered in Rome. It is Italy's sixth largest bank and has been a subsidiary of BNP Paribas since 2006. History Founded in 1913 as Istituto Nazionale di Credito per la Cooperazione ...
; while his mother, Gilda Mancini, who was born in
Monteverde, Campania Monteverde is a '' comune'' in the province of Avellino in Southern Italy. History In the 11th century, Monteverde became a bishopric seat and had a bishop until 1531, when the diocese of Monteverde was merged with the diocese of Canne. From 15 ...
, near
Avellino Avellino () is a town and ''comune'', capital of the province of Avellino in the Campania region of southern Italy. It is situated in a plain surrounded by mountains east of Naples and is an important hub on the road from Salerno to Benevento. ...
, was a pharmacist. He is the eldest of three children including Andreina, an
art historian Art history is the study of aesthetic objects and visual expression in historical and stylistic context. Traditionally, the discipline of art history emphasized painting, drawing, sculpture, architecture, ceramics and decorative arts; yet today, ...
, and Marcello, an entrepreneur. When he was 15 years old, his father died; at 19, his mother died. Draghi studied at the
Massimiliano Massimo Institute The Massimiliano Massimo Institute (''Istituto Massimiliano Massimo'') is a Jesuit school in Rome. It is considered one of the most prestigious and exclusive schools in Rome. The school, with over 10,000 former students, has one of the most presti ...
, a
Jesuit , image = Ihs-logo.svg , image_size = 175px , caption = ChristogramOfficial seal of the Jesuits , abbreviation = SJ , nickname = Jesuits , formation = , founders ...
school in Rome, where he was a classmate of the future chairman of
Ferrari Ferrari S.p.A. (; ) is an Italian luxury sports car manufacturer based in Maranello, Italy. Founded by Enzo Ferrari (1898–1988) in 1939 from the Alfa Romeo racing division as ''Auto Avio Costruzioni'', the company built its first car in ...
,
Luca Cordero di Montezemolo Luca Cordero di Montezemolo (; born 31 August 1947) is an Italian businessman, former Chairman of Ferrari, and formerly Chairman of Fiat S.p.A. and President of Confindustria and FIEG. He comes from an aristocratic family from the region of Piedmo ...
, the future prefect and civil servant Gianni De Gennaro and the future television presenter
Giancarlo Magalli Giancarlo Magalli (born 5 July 1947) is an Italian television writer, presenter, actor and voice actor. Life and career Born in Rome, Magalli studied at the Istituto Massimiliano Massimo, having Mario Draghi and Luca Cordero di Montezemolo as ...
. In 1970, he graduated with honours in economics at the
Sapienza University of Rome The Sapienza University of Rome ( it, Sapienza – Università di Roma), also called simply Sapienza or the University of Rome, and formally the Università degli Studi di Roma "La Sapienza", is a public research university located in Rome, Ita ...
, under the supervision of Keynesian economist Federico Caffè; his graduation dissertation was titled "
Economic integration Economic integration is the unification of economic policies between different states, through the partial or full abolition of tariff and non-tariff restrictions on trade. The trade-stimulation effects intended by means of economic integrati ...
and the variation of
exchange rate In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of t ...
s". In his dissertation, Draghi was particularly critical of Luxembourg Prime Minister
Pierre Werner Pierre Werner (29 December 1913 – 24 June 2002) was a Luxembourgian politician in the Christian Social People's Party (CSV) who was the 18th Prime Minister from 1959 to 1974 and from 1979 to 1984. Training and early activities Pierre Werne ...
's remarks that
European monetary union The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages. There are three stages of the EMU, each of which consists of prog ...
was "premature". Draghi went on to earn a PhD in economics from the
Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of th ...
in 1976, this time with a dissertation titled "Essays on economic theory and applications", under the supervision of
Franco Modigliani Franco Modigliani (18 June 1918 – 25 September 2003) was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon Un ...
and
Robert Solow Robert Merton Solow, GCIH (; born August 23, 1924) is an American economist whose work on the theory of economic growth culminated in the exogenous growth model named after him. He is currently Emeritus Institute Professor of Economics at th ...
.


Professor and civil servant

From 1975 to 1981, Draghi was first Professor of Economic and Financial Policy at the University of Trento, then of
Macroeconomics Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...
at the
University of Padua The University of Padua ( it, Università degli Studi di Padova, UNIPD) is an Italian university located in the city of Padua, region of Veneto, northern Italy. The University of Padua was founded in 1222 by a group of students and teachers from ...
, and later of
Mathematical Economics Mathematical economics is the application of mathematical methods to represent theories and analyze problems in economics. Often, these applied methods are beyond simple geometry, and may include differential and integral calculus, difference ...
at the Ca' Foscari University of Venice. In 1981, he was appointed Professor of Economic and Monetary Policy at the
University of Florence The University of Florence (Italian: ''Università degli Studi di Firenze'', UniFI) is an Italian public research university located in Florence, Italy. It comprises 12 schools and has around 50,000 students enrolled. History The first universi ...
a position that he held until 1994. During this time, he also spent time as Executive Director of the
World Bank The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
in Washington, D.C.. In 1983, Draghi was also appointed a counsellor to then- Minister of Treasury
Giovanni Goria Giovanni Giuseppe Goria (; (30 July 1943 – 21 May 1994) was an Italian politician. He served as the 46th prime minister of Italy from 1987 until 1988. Biography Background and early life Goria was born in Asti (Piedmont). Goria was an ...
. In 1991, Minister of Treasury
Guido Carli Guido Carli (28 March 1914 – 23 April 1993) was an Italian banker, economist and politician. His father was the prominent fascist sociologist Filippo Carli. Biography He was the son of Filippo Carli (1876–1938), a university professor of ...
and Bank of Italy Governor
Carlo Azeglio Ciampi Carlo Azeglio Ciampi (; 9 December 1920 – 16 September 2016) was an Italian politician and banker who was the prime minister of Italy from 1993 to 1994 and the president of Italy from 1999 to 2006. Biography Education Ciampi was born ...
appointed Draghi as Director General of the Italian Treasury; Draghi held this senior position in the civil service until 2001. During his time at the Treasury, he chaired the committee that revised Italian corporate and financial legislation, and drafted the law that continues to govern Italian financial markets. Draghi was also among the main proponents of the
privatisation Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when ...
s of many state-owned companies which occurred in the Italian economy through the 1990s. He also chaired the management committee of SACE, implementing a complete reformation of the group and managing the transition from the ''
Mani Pulite ''Mani pulite'' (; Italian for "clean hands") was a nationwide judicial investigation into political corruption in Italy held in the early 1990s, resulting in the demise of the so-called " First Republic" and the disappearance of many Italian ...
'' corruption scandal. Draghi returned to chair SACE between 1998 and 2001, before the subsequent privatisation. During these years, he was also a board member of several Italian banks and corporations, like
Eni Eni S.p.A. () is an Italian multinational energy company headquartered in Rome. Considered one of the seven "supermajor" oil companies in the world, it has operations in 69 countries with a market capitalization of US$54.08 billion, as of 11 Ap ...
, Institute for Industrial Reconstruction,
Banca Nazionale del Lavoro Banca Nazionale del Lavoro S.p.A. (BNL) is an Italian bank headquartered in Rome. It is Italy's sixth largest bank and has been a subsidiary of BNP Paribas since 2006. History Founded in 1913 as Istituto Nazionale di Credito per la Cooperazione ...
and Istituto Mobiliare Italiano. In 2001, he left the Treasury to become a fellow of the Institute of Politics at the John F. Kennedy School of Government at
Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of highe ...
. Draghi was also appointed as Vice Chairman and Managing Director of
Goldman Sachs International Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Hong ...
in 2002. He was also made a member of the firm's management committee, holding all of these roles until 2005. He led Goldman Sachs's European strategy and its engagements with major European corporations and governments. After the revelation that off-market swaps had been systematically used by the
Greek Government Greece is a parliamentary representative democratic republic, where the President of Greece is the head of state and the Prime Minister of Greece is the head of government within a multi-party system. Legislative power is vested in both the go ...
, facilitated by Goldman Sachs, Draghi stated that he "knew nothing" about the arrangement, and "had nothing to do with it". During this period, Draghi also worked as a
trustee Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, is a synonym for anyone in a position of trust and so can refer to any individual who holds property, authority, or a position of trust or responsibility to ...
at the
Institute for Advanced Study The Institute for Advanced Study (IAS), located in Princeton, New Jersey, in the United States, is an independent center for theoretical research and intellectual inquiry. It has served as the academic home of internationally preeminent schola ...
in
Princeton, New Jersey Princeton is a municipality with a borough form of government in Mercer County, in the U.S. state of New Jersey. It was established on January 1, 2013, through the consolidation of the Borough of Princeton and Princeton Township, both of w ...
, and also spent time as a consultant at the
Brookings Institution The Brookings Institution, often stylized as simply Brookings, is an American research group founded in 1916. Located on Think Tank Row in Washington, D.C., the organization conducts research and education in the social sciences, primarily in e ...
in Washington, D.C.


Governor of the Bank of Italy

In December 2005, it was announced that Draghi would become
Governor of the Bank of Italy The Governor of the Bank of Italy is the most senior position in the Bank of Italy. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming his or her successor. List of governors ...
. He officially took up the position on 16 January 2006. In April 2006, he was elected by fellow central bank governors to become Chairman of the Financial Stability Forum; this body would later be re-organised to become the
Financial Stability Board The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability For ...
in April 2009 on behalf of the G20, bringing together representatives of governments, central banks and national supervisors institutions in the wake of the
financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and man ...
. As the inaugural FSB Chairman, Draghi was responsible to the G20 leaders, and worked to promote international
financial stability Financial stability is a property of a financial system that dissipates financial imbalances that arise endogenously in the financial markets or as a result of significant adverse and unforeseeable circumstances. When stable, the system absorbs ...
, improve the functioning of markets and reduce systemic risk through information exchange and international cooperation between supervisors. In his capacity as Bank of Italy Governor, Draghi was also a member of the Governing and General Councils of the
European Central Bank The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centra ...
and a member of the Board of Directors of the
Bank for International Settlements The Bank for International Settlements (BIS) is an international financial institution owned by central banks that "fosters international monetary and financial cooperation and serves as a bank for central banks". The BIS carries out its work th ...
. He also represented Italy on the Board of Governors at both the
International Bank for Reconstruction and Development The International Bank for Reconstruction and Development (IBRD) is an international financial institution, established in 1944 and headquartered in Washington, D.C., United States, that is the lending arm of World Bank Group. The IBRD offers ...
and the
Asian Development Bank The Asian Development Bank (ADB) is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines. The bank also maintains 31 field of ...
. On 5 August 2011, he made a contribution to domestic political debate when, together with the ECB President
Jean Claude Trichet Jean-Claude Trichet (; born 20 December 1942) is a French economist who served as President of the European Central Bank from 2003 to 2011. Previous to his assumption of the presidency he served as Governor of the Bank of France from 1993 to 2003 ...
, he published a notable letter to the
Italian Government The government of Italy is in the form of a democratic republic, and was established by a constitution in 1948. It consists of legislative, executive, and judicial subdivisions, as well as a Head of State, or President. The Italian Consti ...
of
Silvio Berlusconi Silvio Berlusconi ( ; ; born 29 September 1936) is an Italian media tycoon and politician who served as Prime Minister of Italy in four governments from 1994 to 1995, 2001 to 2006 and 2008 to 2011. He was a member of the Chamber of Deputies f ...
to recommend a series of economic measures that should urgently be implemented in Italy.


President of the European Central Bank

Draghi had for years been mentioned as a possible successor to
Jean-Claude Trichet Jean-Claude Trichet (; born 20 December 1942) is a French economist who served as President of the European Central Bank from 2003 to 2011. Previous to his assumption of the presidency he served as Governor of the Bank of France from 1993 to 2003 ...
, whose term as President of the
European Central Bank The European Central Bank (ECB) is the prime component of the monetary Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important centra ...
was due to end in October 2011. On 13 February 2011, Wolfgang Münchau, associate editor of the ''
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
'', endorsed Draghi as the best candidate for the position. A few days later, ''
The Economist ''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Eco ...
'' wrote that "the next president of the world's second-most-important central bank should be Mario Draghi". Draghi subsequently won the support of Italian Prime Minister
Silvio Berlusconi Silvio Berlusconi ( ; ; born 29 September 1936) is an Italian media tycoon and politician who served as Prime Minister of Italy in four governments from 1994 to 1995, 2001 to 2006 and 2008 to 2011. He was a member of the Chamber of Deputies f ...
for the position, who expressed a desire to see an Italian take the pre-eminent economic policymaking role within the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...
. On 17 May 2011, the
Council of the European Union The Council of the European Union, often referred to in the treaties and other official documents simply as the Council, and informally known as the Council of Ministers, is the third of the seven Institutions of the European Union (EU) as ...
recommended the nomination of Draghi as President of the ECB. Draghi's nomination was later approved by the
European Parliament The European Parliament (EP) is one of the Legislature, legislative bodies of the European Union and one of its seven Institutions of the European Union, institutions. Together with the Council of the European Union (known as the Council and in ...
and the ECB itself, and on 24 June 2011 his appointment was signed-off by EU leaders. During the nomination process, some concerns were raised about Draghi's past employment at
Goldman Sachs Goldman Sachs () is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Ho ...
. As a member of the
Group of Thirty The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sect ...
, founded by the
Rockefeller Foundation The Rockefeller Foundation is an American private foundation and philanthropy, philanthropic medical research and arts funding organization based at 420 Fifth Avenue, New York City. The second-oldest major philanthropic institution in America, aft ...
, he was accused in ''
Der Spiegel ''Der Spiegel'' (, lit. ''"The Mirror"'') is a German weekly news magazine published in Hamburg. With a weekly circulation of 695,100 copies, it was the largest such publication in Europe in 2011. It was founded in 1947 by John Seymour Chaloner ...
'', ''
Tagesschau.de ''Tagesschau'' (German for ''Review of the Day'') is a German national and international television news service produced by the editorial staff of ARD-aktuell on behalf of the German public-service television network ARD. The main edition of ...
'' and ''
Die Welt ''Die Welt'' ("The World") is a German national daily newspaper, published as a broadsheet by Axel Springer SE. ''Die Welt'' is the flagship newspaper of the Axel Springer publishing group. Its leading competitors are the '' Frankfurter ...
'' of having a conflict of interest as president of the ECB. Draghi moved to
Frankfurt Frankfurt, officially Frankfurt am Main (; Hessian: , " Frank ford on the Main"), is the most populous city in the German state of Hesse. Its 791,000 inhabitants as of 2022 make it the fifth-most populous city in Germany. Located on it ...
and formally took up the role of ECB President on 1 November 2011, the day after Trichet's term expired. In December 2011, Draghi brokered a €489 billion three-year loan program from the ECB to EU banks. Draghi's ECB also promptly repealed the final two interest rate hikes of Trichet's term, stating this would ease the continuing
European sovereign debt crisis The European debt crisis, often also referred to as the eurozone crisis or the European sovereign debt crisis, is a multi-year debt crisis that took place in the European Union (EU) from 2009 until the mid to late 2010s. Several eurozone memb ...
. In February 2012, Nobel Prize laureate in economics,
Joseph Stiglitz Joseph Eugene Stiglitz (; born February 9, 1943) is an American New Keynesian economist, a public policy analyst, and a full professor at Columbia University. He is a recipient of the Nobel Memorial Prize in Economic Sciences (2001) and the J ...
argued that on the issue of the impending Greek debt restructuring, the ECB's insistence that it should be "voluntary", as opposed to a default agreed by Greek authorities, would be "a gift" to the financial institutions that sold credit default insurance on that debt, a position Stiglitz argued was a
moral hazard In economics, a moral hazard is a situation where an economic actor has an incentive to increase its exposure to risk because it does not bear the full costs of that risk. For example, when a corporation is insured, it may take on higher risk ...
. In March 2012, a second, larger round of ECB loans to EU banks was initiated, this time called the Long-Term Refinancing Operation (LTRO). One commentator,
Matthew Lynn Matthew Lynn (born 1962) is a British thriller writer, financial journalist and publisher. He is the author of the ''Death Force'' series of novels. He has also written under the name James Harland. Early life Lynn was born in 1962 and grew up ...
, saw the ECB's injection of funds, along with
quantitative easing Quantitative easing (QE) is a monetary policy action whereby a central bank purchases predetermined amounts of government bonds or other financial assets in order to stimulate economic activity. Quantitative easing is a novel form of monetary pol ...
from the US
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
and the
Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government o ...
, as feeding increases in
oil prices The price of oil, or the oil price, generally refers to the spot price of a barrel () of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPE ...
in
2011 File:2011 Events Collage.png, From top left, clockwise: a protester partaking in Occupy Wall Street heralds the beginning of the Occupy movement; protests against Libyan dictator Muammar Gaddafi, who was killed that October; a young man celebrates ...
and
2012 File:2012 Events Collage V3.png, From left, clockwise: The passenger cruise ship Costa Concordia lies capsized after the Costa Concordia disaster; Damage to Casino Pier in Seaside Heights, New Jersey as a result of Hurricane Sandy; People gat ...
. In July 2012, in the midst of renewed fears about sovereigns in the eurozone, Draghi stated in a panel discussion that, under his leadership, the ECB "is ready to do ''whatever it takes'' to preserve the euro. And believe me, it will be enough." This statement was heavily reported throughout the EU and the world's financial markets, and initially led to a steady decline in bond yields (borrowing costs) for eurozone countries, in particular Spain, Italy and France. In light of what had been slow political progress on solving the eurozone crisis, Draghi's statement has come to be seen subsequently as the major turning point in the fortunes of the eurozone, with numerous policymakers and commentators describing it as having been essential to the continuation of the euro currency. Draghi has since come to be prominently associated with the phrase "whatever it takes". Beginning in 2013, Draghi was criticised in the context of the scandals rising around the bank
Banca Monte dei Paschi di Siena Banca Monte dei Paschi di Siena S.p.A. (), known as BMPS or just MPS, is an Italian bank. Tracing its history to a mount of piety founded in 1472 () and established in its present form in 1624 (), it is the world's oldest or second oldest bank ...
, which according to at least one German publication was making very risky deals. In April 2013, Draghi said in response to a question regarding membership of the eurozone, "These questions are formulated by people who vastly underestimate what the euro means for the Europeans, for the euro area. They vastly underestimate the political capital that has been invested in the euro." In 2015, in an appearance before the European Parliament, Draghi said that the future of the eurozone was at risk unless member countries gave up some independence and created more Pan-European government institutions. "We have not yet reached the stage of a genuine monetary union," Draghi said. Failure of eurozone countries to harmonise their economies and create stronger institutions would, he said, "put at risk the long-term success of the monetary union when faced with an important shock." In 2015, Draghi said that his political ideas belong to
liberal socialism Liberal socialism is a political philosophy that incorporates liberal principles to socialism. This synthesis sees liberalism as the political theory that takes the inner freedom of the human spirit as a given and adopts liberty as the goal, ...
. On 31 October 2019, his mandate as ECB President expired and International Monetary Fund Managing Director
Christine Lagarde Christine Madeleine Odette Lagarde (; née Lallouette, ; born 1 January 1956) is a French politician and lawyer who has been serving as President of the European Central Bank since 2019. She previously served as the 11th managing director of the ...
was appointed as his successor.


Prime Minister of Italy (2021–2022)


Government formation

Between December 2020 and January 2021, tensions arose within Italy's ruling coalition, with Prime Minister
Giuseppe Conte Giuseppe Conte (; born 8 August 1964) is an Italian jurist, academic, and politician who served as prime minister of Italy from June 2018 to February 2021. He has been the president of the Five Star Movement (M5S) since August 2021. Cont ...
and former Prime Minister Matteo Renzi taking contrary positions on the management of the
COVID-19 pandemic in Italy The COVID-19 pandemic in Italy is part of the ongoing pandemic of coronavirus disease 2019 () caused by severe acute respiratory syndrome coronavirus 2 (). The virus was first confirmed to have spread to Italy on 31 January 2020, when ...
as well as its deep economic consequences. On 13 January, Renzi announced the resignation of the two Cabinet Ministers from his party, Italia Viva, triggering the collapse of the second Conte Government. On 26 January, after days of inconclusive negotiations with political parties, Conte tendered his resignation as Prime Minister to President Mattarella. On 2 February 2021, following failed consultations between parties to nominate a replacement, President Mattarella announced he would summon Draghi to the
Quirinal Palace The Quirinal Palace ( it, Palazzo del Quirinale ) is a historic building in Rome, Italy, one of the three current official residences of the president of the Italian Republic, together with Villa Rosebery in Naples and the Tenuta di Castelporzia ...
, with the intention of giving him the task of forming a technocratic government. The following day, Draghi accepted the task of forming a new government and began consultations with party leaders. Draghi quickly secured the support of the centre-left Democratic Party (PD), the centrist Italia Viva (IV), the left-wing Free and Equal (LeU), and other small liberal and centrist parties. After an initial delay,
Matteo Salvini Matteo Salvini (; born 9 March 1973) is an Italian politician who has served as Deputy Prime Minister of Italy and Minister of Infrastructure and Transport since 2022. He has been Federal Secretary of Italy's Lega Nord ( Northern League) party ...
, leader of the right-wing
League League or The League may refer to: Arts and entertainment * ''Leagues'' (band), an American rock band * ''The League'', an American sitcom broadcast on FX and FXX about fantasy football Sports * Sports league * Rugby league, full contact footba ...
, and
Silvio Berlusconi Silvio Berlusconi ( ; ; born 29 September 1936) is an Italian media tycoon and politician who served as Prime Minister of Italy in four governments from 1994 to 1995, 2001 to 2006 and 2008 to 2011. He was a member of the Chamber of Deputies f ...
, leader of the centre-right
Forza Italia Forza ItaliaThe name is not usually translated into English: ''forza'' is the second-person singular imperative of ''forzare'', in this case translating to "to compel" or "to press", and so means something like "Forward, Italy", "Come on, Ital ...
, jointly announced they too would support Draghi. Finally, on 11 February, the membership of the
Five Star Movement The Five Star Movement ( it, Movimento 5 Stelle , M5S) is a political party in Italy. Its leader and president is Giuseppe Conte, Prime Minister of Italy from 2018 until 2021. The M5S was founded on 4 October 2009 by Beppe Grillo, a comedian an ...
(M5S) approved the party's support for Draghi, with 59.3% of party members voting in favour of joining the new government. On 12 February, Draghi unveiled the members of his Cabinet, which included representatives from all of the above political parties, including 9 ministers from the outgoing cabinet, as well as independent technocrats. The following day, Draghi was sworn in as Prime Minister. Draghi's cabinet was described as a
national unity government A national unity government, government of national unity (GNU), or national union government is a broad coalition government consisting of all parties (or all major parties) in the legislature, usually formed during a time of war or other nat ...
in the wake of its announcement. On 17 February, Draghi won a confidence vote in the
Senate A senate is a deliberative assembly, often the upper house or chamber of a bicameral legislature. The name comes from the ancient Roman Senate (Latin: ''Senatus''), so-called as an assembly of the senior (Latin: ''senex'' meaning "the el ...
, with 262 votes in favour, 40 against and 2 abstentions. On the following day, he won a further confidence vote in the
Chamber of Deputies The chamber of deputies is the lower house in many bicameral legislatures and the sole house in some unicameral legislatures. Description Historically, French Chamber of Deputies was the lower house of the French Parliament during the Bourbon R ...
with 535 votes in favour, 56 against and 5 abstentions; this margin represented one of the largest ever majorities in the history of the Italian Republic. During his first speech as Prime Minister to both houses of the
Italian Parliament The Italian Parliament ( it, Parlamento italiano) is the national parliament of the Italian Republic. It is the representative body of Italian citizens and is the successor to the Parliament of the Kingdom of Italy (1861–1943), the transitio ...
, Draghi stated that the Italy that emerged after the
COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...
would have to undergo a period of reconstruction similar to
post-World War II The aftermath of World War II was the beginning of a new era started in late 1945 (when World War II ended) for all countries involved, defined by the decline of all colonial empires and simultaneous rise of two superpowers; the Soviet Union (US ...
Italy, and that it would be his government's responsibility to begin this process. He also stressed that his government would adopt a strongly pro-European position, and emphasised the importance of Italy remaining within the
Eurosystem The Eurosystem is the monetary authority of the eurozone, the collective of European Union member states that have adopted the euro as their sole official currency. The European Central Bank (ECB) has, under Article 16 of its Statute,
. On 13 May, it was announced that Draghi would forgo his annual salary of €115,000 for being Prime Minister.


COVID-19 pandemic

Addressing the nation shortly after becoming Prime Minister, Draghi stated that it would be his government's priority to plan a route out of the
COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...
, and pledged to reorganise the country's pandemic response units; on 27 February, Draghi replaced the Head of the
Civil Protection Civil defense ( en, region=gb, civil defence) or civil protection is an effort to protect the citizens of a state (generally non-combatants) from man-made and natural disasters. It uses the principles of emergency operations: prevention, miti ...
,
Angelo Borrelli Angelo Borrelli (born 18 November 1964) is an Italian government official, who served as Head of the Civil Protection, from 8 August 2017 until 26 February 2021. Biography Borrelli was born in Santi Cosma e Damiano, near Latina in Lazio region. ...
, with Fabrizio Curcio, and on 1 March, he replaced the Extraordinary Commissioner for the COVID-19 Emergency,
Domenico Arcuri Domenico Arcuri (born 10 July 1963) is an Italian manager. In March 2020, he was appointed by Prime Minister Giuseppe Conte, Extraordinary Commissioner for the Implementation of Health Measures to Contain the COVID-19 pandemic, one of the most i ...
, with the
Army An army (from Old French ''armee'', itself derived from the Latin verb ''armāre'', meaning "to arm", and related to the Latin noun ''arma'', meaning "arms" or "weapons"), ground force or land force is a fighting force that fights primarily on ...
General
Francesco Paolo Figliuolo Francesco Paolo Figliuolo (born 11 July 1961) is an Italian army corps general. On 1 March 2021, he was appointed by Prime Minister Mario Draghi as Extraordinary Commissioner for the Implementation of Health Measures to Contain the COVID-19 pa ...
, who received the additional mandate of reorganising and implementing the vaccination campaign. Borrelli and Arcuri had both been considered close to former Prime Minister Giuseppe Conte. Following discussions with European Commission President
Ursula von der Leyen Ursula Gertrud von der Leyen (; Albrecht, born 8 October 1958) is a German politician who has been serving as the president of the European Commission since 2019. She served in the German federal government between 2005 and 2019, holding suc ...
, Draghi announced that he had agreed to ensure vaccines produced in Italy were prioritised for distribution to the population of the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...
. On the following day, Draghi made international headlines by authorising the blocking of a shipment of 250,000 Oxford–AstraZeneca vaccines that were originally intended to travel to Australia. This led to harsh criticism by Australian Prime Minister
Scott Morrison Scott John Morrison (; born 13 May 1968) is an Australian politician. He served as the 30th prime minister of Australia and as Leader of the Liberal Party of Australia from 2018 to 2022, and is currently the member of parliament (MP) for th ...
and British Prime Minister
Boris Johnson Alexander Boris de Pfeffel Johnson (; born 19 June 1964) is a British politician, writer and journalist who served as Prime Minister of the United Kingdom and Leader of the Conservative Party from 2019 to 2022. He previously served as ...
. Conversely, Draghi's decision was praised by other European leaders, such as French President
Emmanuel Macron Emmanuel Macron (; born 21 December 1977) is a French politician who has served as President of France since 2017. ''Ex officio'', he is also one of the two Co-Princes of Andorra. Prior to his presidency, Macron served as Minister of Econ ...
. In mid-March, the Italian Government announced it would pause the rollout of the Oxford-AstraZeneca vaccine, after reports that some Italians treated with it had developed blood clots, although no death cases have been reported directly due to the vaccine. On 16 March 2021, Draghi had a phone call with the French President Macron concerning the suspension of the AstraZeneca vaccine and of the eventual decisions of the
European Medicines Agency The European Medicines Agency (EMA) is an agency of the European Union (EU) in charge of the evaluation and supervision of medicinal products. Prior to 2004, it was known as the European Agency for the Evaluation of Medicinal Products or Eur ...
that will take a definitive decision on 18 March 2021. On 15 March 2021, Draghi placed the majority of Italy under so-called 'full lockdown' conditions, with non-essential businesses closing and travel restricted, in response to an increase in the transmission of COVID-19, although unlike the 2020 lockdown, factories and some other workplaces were allowed to remain open. Announcing the lockdown, Draghi vowed that Italy would see its vaccination programme triple in April, reaching 500,000 people per day by that time. Around this time, Draghi's approval rating as Prime Minister reached a new high of 63% in opinion polls. On 16 April, during a press conference with his health minister Roberto Speranza, Draghi announced that restrictions will be eased from 26 April, allowing the reopening of bars and restaurants, stating that "it is possible to look to the future with prudent optimism and confidence". In June 2021, the more contagious
SARS-CoV-2 Delta variant The Delta variant (B.1.617.2) was a variant of SARS-CoV-2, the virus that causes COVID-19. It was first detected in India in late 2020. The Delta variant was named on 31 May 2021 and had spread to over 179 countries by 22 November 2021. The ...
became predominant in Italy. To contain the spread of new variants, in August 2021 the government extended the requirement of the
EU Digital COVID Certificate The EU Digital COVID Certificate (EUDCC), known in Italy as the Green Pass, and in France as the Sanitary Pass or Health Pass (''passe sanitaire''), was a COVID-19 vaccine passport created by the European Union (EU), that is valid in all member ...
, also known as "Green Pass", to the participation in sports events and music festivals, but also to the access to indoor places like bars, restaurants and gyms, as well as to long-distance public transportation. On 15 October, Italy became the first country in the world to establish a mandatory
COVID-19 vaccination certificate A vaccine passport or proof of vaccination is an immunity passport employed as a credential in countries and jurisdictions as part of efforts to control the COVID-19 pandemic via vaccination. A vaccine passport is typically issued by a govern ...
or a negative test, for the entire work force, public and private. On 24 November, Draghi announced the introduction of COVID-19 vaccination certificate for all the recreational activities, like cinemas, bars, restaurants and sport games, thus eliminating the possibility of attending one of these activities with a negative test only. On 5 January 2022, amid a new increase in COVID-19 cases following the spread of the highly contagious Omicron variant, the government introduced
compulsory vaccination A vaccination policy is a health policy adopted in order to prevent the spread of infectious disease. These policies are generally put into place by State or local governments, but may also be set by private facilities, such as workplaces or sc ...
for all Italian citizens above the age of 50.


Domestic reforms

In July and August, Draghi led the process to overhaul Italy's criminal and civil justice system, with an aim of reducing the time taken to resolve cases. Among other things, the reform package abolished one of the two levels of appeal applied to most cases in the Italian judiciary. The reforms had long been argued for by several political parties, on the basis that the slow legal system disincentivised external investment into Italy. On 3 August 2021, the package of reforms passed the Italian Parliament after Draghi announced that he would consider the vote a question of confidence in his government. Draghi also announced that the passage of judicial overhaul would be linked to the allocation of €200bn in post-pandemic stimulus funds from the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...
. The judicial overhaul represented the first successful reform package of the Italian justice system in several decades. In October 2021, the Draghi Government passed its
budget A budget is a calculation play, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environme ...
for 2022. The budget modified the pension reform approved by the Conte Government, known as ''Quota 100'', which enabled retirement at age 62 with 38 years of contributions, introducing instead the so-called ''Quota 102'' (which allows retirement at age 64 with 38 years of contributions). Italian trade unions opposed the reform and organised a general strike in protest in late November and early December 2021. The Draghi government's budget also modified the citizens' income, a universal basic income introduced by Conte. The new income introduces a gradual decline in the allowance after six months and its revocation after two rejected job offers. On 30 December 2021, Draghi oversaw passage of an additional budget proposal, including an overhaul of the Italian taxation system, the introduction of a new series of tax credits and wide-ranging company tax cuts, subsidies for firms that hire young people and new mothers, subsidised mortgages for people buying their first property, and a fund set aside in order to mitigate rising energy prices. At the end of 2021, the ''
Economist An economist is a professional and practitioner in the social sciences, social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this ...
'' magazine named Italy as its 'Country of the Year', awarded each year to the country judged to have made the most improvement over the course of one year. The magazine singled out Draghi's leadership as central to the decision. In the 2022 presidential election, Draghi was widely seen as a probable successor of incumbent president
Sergio Mattarella Sergio Mattarella (; born 23 July 1941) is an Italian politician, jurist, academic and lawyer who has served as the president of Italy since 2015. A Christian leftist politician, Mattarella was a leading member of the Christian Democracy par ...
. However, on 29 January 2022, Draghi publicly supported the re-election of Mattarella as president, ending media speculation that he himself could succeed Mattarella, and pledged to oversee an overhaul of Italian competition law and public procurement policy in the following six months, with a view to increase the performance of the economy. On 18 February 2022, amid the global energy crisis, the Draghi Government approved a package of €8bn euro to support the economy, heavily affected by the rise of energy costs.


Foreign policies

Since the beginning of his premiership, Draghi implemented an active foreign policy focused on the
Mediterranean Sea The Mediterranean Sea is a sea connected to the Atlantic Ocean, surrounded by the Mediterranean Basin and almost completely enclosed by land: on the north by Western and Southern Europe and Anatolia, on the south by North Africa, and on ...
, North Africa and the Middle East in order to increase Italy's influence over the area. On 6 April 2021, Draghi visited
Libya Libya (; ar, ليبيا, Lībiyā), officially the State of Libya ( ar, دولة ليبيا, Dawlat Lībiyā), is a country in the Maghreb region in North Africa. It is bordered by the Mediterranean Sea to the north, Egypt to the east, Suda ...
, in his first international trip, during which he met Prime Minister
Abdul Hamid Dbeibeh Abdul Hamid al-Dbeibeh ( ar, عبدالحميد محمد الدبيبة also spelled Dbeibah; born 13 February 1959) is a Libyan politician and businessman who is the prime minister of Libya under the Government of National Unity (GNU) in Trip ...
, saying he wanted to strengthen ties with the Arab country, a former colony of Italy. The trip was described as an attempt to reduce the Turkish and Egyptian influences over Libya, following the aftermath of the
civil war A civil war or intrastate war is a war between organized groups within the same state (or country). The aim of one side may be to take control of the country or a region, to achieve independence for a region, or to change government polici ...
. Days later, Draghi publicly labelled Turkish President
Recep Tayyip Erdoğan Recep Tayyip Erdoğan (born 26 February 1954) is a Turkish politician serving as the 12th and current president of Turkey since 2014. He previously served as prime minister of Turkey from 2003 to 2014 and as mayor of Istanbul from 1994 to ...
as a "dictator", harshly criticising him for his behaviour after a meeting with European leaders
Ursula von der Leyen Ursula Gertrud von der Leyen (; Albrecht, born 8 October 1958) is a German politician who has been serving as the president of the European Commission since 2019. She served in the German federal government between 2005 and 2019, holding suc ...
and
Charles Michel Charles Michel (; born 21 December 1975) is a Belgian politician serving as the president of the European Council since 2019. He previously served as the prime minister of Belgium between 2014 and 2019. Michel became the minister of Developm ...
, during which, according to Draghi, he " humiliated President von der Leyen". The statement caused immediate reactions from the Turkish government. Turkey's foreign minister
Mevlüt Çavuşoğlu Mevlüt Çavuşoğlu (; born 5 February 1968) is a Turkish diplomat and politician who has served as Minister of Foreign Affairs of Turkey since 24 November 2015. He previously served in the same position from August 2014 to August 2015. He is ...
summoned Italian ambassador and described Draghi's words as an "unacceptable populist rhetoric", while many other prominent members of Erdoğan's cabinet strongly attacked Draghi. However, Draghi was backed by several European leaders, including the head of the
European People's Party The European People's Party (EPP) is a European political party with Christian-democratic, conservative, and liberal-conservative member parties. A transnational organisation, it is composed of other political parties. Founded by primarily ...
, Manfred Weber. On 14 April, Erdoğan accused Draghi of being an "appointed and unelected Prime Minister", describing his statement as "rude and impertinent". In June 2021, Draghi attended his first G7 summit in
Cornwall Cornwall (; kw, Kernow ) is a Historic counties of England, historic county and Ceremonial counties of England, ceremonial county in South West England. It is recognised as one of the Celtic nations, and is the homeland of the Cornish people ...
in the United Kingdom. During the meeting, Draghi led discussions on strategy for avoiding adverse market reactions to stimulus spending. During the summit, Draghi held a bilateral meeting with U.S. President Joe Biden. Draghi praised Biden, saying he had improved relations between the European Union and the United States. In August 2021, following the withdrawal of NATO troops from
Afghanistan Afghanistan, officially the Islamic Emirate of Afghanistan,; prs, امارت اسلامی افغانستان is a landlocked country located at the crossroads of Central Asia and South Asia. Referred to as the Heart of Asia, it is borde ...
amid the Taliban offensive, the Italian government took part in the evacuation from Kabul. Within the Operation "Aquila Omnia", nearly 5,000 Afghans were evacuated by the
Italian Armed Forces The Italian Armed Forces ( it, Forze armate italiane, ) encompass the Italian Army, the Italian Navy and the Italian Air Force. A fourth branch of the armed forces, known as the Carabinieri, take on the role as the nation's military police and a ...
and brought to Italy. On 30 and 31 October 2021, Rome hosted the annual
G20 summit The following list of G20 summits summarizes all G20 conferences held at various different levels: summits of heads of state or heads of government, ministerial-level meetings, Engagement Group meetings and others. Summits of state leaders ...
. Draghi and the other leaders mainly discussed climate change, COVID-19 pandemic and post-pandemic global recovery in health, economic and political terms. The only leaders who did not attend the G20 were the Chinese leader
Xi Jinping Xi Jinping ( ; ; ; born 15 June 1953) is a Chinese politician who has served as the general secretary of the Chinese Communist Party (CCP) and chairman of the Central Military Commission (CMC), and thus as the paramount leader of China, ...
and the Russian President
Vladimir Putin Vladimir Vladimirovich Putin; (born 7 October 1952) is a Russian politician and former intelligence officer who holds the office of president of Russia. Putin has served continuously as president or prime minister since 1999: as prime min ...
. On 26 November 2021, Draghi signed the "
Quirinal Treaty The Quirinal Treaty (french: Traité du Quirinal, it, Trattato del Quirinale), formally the Treaty between the French Republic and the Italian Republic for a Strengthened Bilateral Cooperation, is a bilateral agreement between the Italian Republ ...
", with the French president
Emmanuel Macron Emmanuel Macron (; born 21 December 1977) is a French politician who has served as President of France since 2017. ''Ex officio'', he is also one of the two Co-Princes of Andorra. Prior to his presidency, Macron served as Minister of Econ ...
, at the
Quirinal Palace The Quirinal Palace ( it, Palazzo del Quirinale ) is a historic building in Rome, Italy, one of the three current official residences of the president of the Italian Republic, together with Villa Rosebery in Naples and the Tenuta di Castelporzia ...
, in Rome. The treaty is aimed to promote the convergence and coordination of French and Italian positions in matters of European and foreign policies, security and defence, migration policy, economy, education, research, culture and cross-border cooperation. Under Draghi's premiership, a new approach toward Russia was implemented; the new Italian foreign policies was described by the ''
Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...
'' as "one of the biggest foreign policy shifts in years". On 24 February 2022, Russia invaded Ukraine; Draghi harshly condemned Russia's attack, calling for an immediate ceasefire and promising "whatever it takes to restore Ukrainian sovereignty". He added that it was "impossible to have meaningful dialogue with Moscow", demanding Russia to unconditionally pull its forces back to the internationally established borders. Despite initial reluctance, on 26 February, during a phone call with Ukrainian President
Volodymyr Zelenskyy Volodymyr Oleksandrovych Zelenskyy, ; russian: Владимир Александрович Зеленский, Vladimir Aleksandrovich Zelenskyy, (born 25 January 1978; also transliterated as Zelensky or Zelenskiy) is a Ukrainian politicia ...
, Draghi agreed to support the exclusion of Russia from the
SWIFT Swift or SWIFT most commonly refers to: * SWIFT, an international organization facilitating transactions between banks ** SWIFT code * Swift (programming language) * Swift (bird), a family of birds It may also refer to: Organizations * SWIFT, ...
network, the international financial transactions system. On 22 March, Draghi broke with other European leaders when he publicly supported the application of Ukraine to join the
European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...
. Draghi was also among the main proponents of the freezing of a large part of
Russian Central Bank The Central Bank of the Russian Federation (CBR; ), doing business as the Bank of Russia (russian: Банк России}), is the central bank of the Russian Federation. The bank was established on July 13, 1990. The predecessor of the bank can ...
's 643 billion dollars of foreign currency reserves. As of May 2022, the Italian government allocated 500 million euros to support Ukrainians arriving in Italy and 110 million in financial assistance for the Ukrainian government. Moreover, Italy sent also military equipment to Ukraine. On 3 May 2022, Draghi addressed the
European Parliament The European Parliament (EP) is one of the Legislature, legislative bodies of the European Union and one of its seven Institutions of the European Union, institutions. Together with the Council of the European Union (known as the Council and in ...
dealing with several themes. According to Draghi, the EU needed to embrace "pragmatic
federalism Federalism is a combined or compound mode of government that combines a general government (the central or "federal" government) with regional governments ( provincial, state, cantonal, territorial, or other sub-unit governments) in a single ...
" in multiple policy sectors, like security, economy and defence. On 16 June 2022, Draghi visited
Kyiv Kyiv, also spelled Kiev, is the capital and most populous city of Ukraine. It is in north-central Ukraine along the Dnieper River. As of 1 January 2021, its population was 2,962,180, making Kyiv the seventh-most populous city in Europe. Ky ...
alongside French President
Emmanuel Macron Emmanuel Macron (; born 21 December 1977) is a French politician who has served as President of France since 2017. ''Ex officio'', he is also one of the two Co-Princes of Andorra. Prior to his presidency, Macron served as Minister of Econ ...
and German Chancellor
Olaf Scholz Olaf Scholz (; born ) is a German politician who has served as the chancellor of Germany since 8 December 2021. A member of the Social Democratic Party (SPD), he previously served as Vice Chancellor under Angela Merkel and as Federal Minister ...
. The three leaders had a long meeting with Ukraine's President
Volodymyr Zelenskyy Volodymyr Oleksandrovych Zelenskyy, ; russian: Владимир Александрович Зеленский, Vladimir Aleksandrovich Zelenskyy, (born 25 January 1978; also transliterated as Zelensky or Zelenskiy) is a Ukrainian politicia ...
to discuss various issues such as Ukraine's application to be an EU member and the ongoing Russian war in Ukraine. The trip was considered "historic" by various commentators.


Resignation

On 13 July 2022, after months of tensions regarding economic policies implemented by the government as well as the military response to the war in Ukraine,
Giuseppe Conte Giuseppe Conte (; born 8 August 1964) is an Italian jurist, academic, and politician who served as prime minister of Italy from June 2018 to February 2021. He has been the president of the Five Star Movement (M5S) since August 2021. Cont ...
, leader of the
Five Star Movement The Five Star Movement ( it, Movimento 5 Stelle , M5S) is a political party in Italy. Its leader and president is Giuseppe Conte, Prime Minister of Italy from 2018 until 2021. The M5S was founded on 4 October 2009 by Beppe Grillo, a comedian an ...
(M5S) and former prime minister, revoked the support to the government on the so-called ''decreto aiuti'' ( en, decree on economic aid), concerning economic stimulus to contrast the ongoing economic and energy crisis, opening a
political crisis Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that studie ...
within the majority. On the following day, the Senate approved the decree with 172 votes, but the M5S abstained, leaving the Senate floor. After a few hours, following a meeting with president Mattarella, Draghi officially announced his resignation as prime minister, stating that "the pact of trust and confidence underlying the government action had failed." However, the resignation was rejected by Mattarella, who invited Draghi to explain the political situation to the Parliament on 20 July. On 20 July, Draghi held a speech in front of the Senate, harshly condemning the positions that M5S and Lega held during the last months of the cabinet. In the evening, the government failed to reach the absolute majority in the confidence vote as Lega, FI and M5S decided not to take part in the ballot, ''de facto'' causing the fall of the government. On the following day, after a speech in front of the Chamber of Deputies, Draghi officially resigned as prime minister. Mattarella accepted his resignation, but Draghi remained in office as caretaker prime minister, until the formation of a new government following the
2022 general election The following elections are scheduled to occur in 2022. The National Democratic Institute also maintains a calendar of elections around the world. * 2022 United Nations Security Council election * 2022 national electoral calendar * 2022 local ...
.


Personal life

In 1973, Mario Draghi married Maria Serenella Cappello, of noble origins and descendant of
Bianca Cappello Bianca Cappello (154820 October 1587) was an Italian noblewoman who was the mistress, and afterward the second wife, of Francesco I de' Medici, Grand Duke of Tuscany. Her husband officially made her his consort. Coincidentally, the creation of ...
, and an expert in
English literature English literature is literature written in the English language from United Kingdom, its crown dependencies, the Republic of Ireland, the United States, and the countries of the former British Empire. ''The Encyclopaedia Britannica'' defines E ...
,Chi è Serena Cappello la moglie di Mario Draghi: "Lei ne sa più di me"
, ''la Repubblica''
with whom he has two children: Federica, who worked as investment director of Genextra Spa and board member of Italian Angels for Biotechis, and Giacomo, a finance analyst, who worked as an interest-rate derivative trader at investment bank
Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
until 2017, and is now at the LMR Partners
hedge fund A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction, and risk management techniques in an attempt to improve performance, such as ...
. Draghi is a
Catholic The Catholic Church, also known as the Roman Catholic Church, is the largest Christian church, with 1.3 billion baptized Catholics worldwide . It is among the world's oldest and largest international institutions, and has played a ...
of
Jesuit , image = Ihs-logo.svg , image_size = 175px , caption = ChristogramOfficial seal of the Jesuits , abbreviation = SJ , nickname = Jesuits , formation = , founders ...
education and is devoted to St.
Ignatius of Loyola Ignatius of Loyola, S.J. (born Íñigo López de Oñaz y Loyola; eu, Ignazio Loiolakoa; es, Ignacio de Loyola; la, Ignatius de Loyola; – 31 July 1556), venerated as Saint Ignatius of Loyola, was a Spanish Catholic priest and theologian ...
. Draghi has homes in Rome's
Parioli Parioli () is the 2nd '' quartiere'' of Rome, identified by the initials Q. II. The toponym is also used to indicate the urbanistic area 2B of the '' Municipio Roma II''. The name comes from Monti Parioli, a series of tufa hills, and was give ...
district and in
Città della Pieve Città della Pieve is a '' comune'' (municipality) in the Province of Perugia in the Italian region Umbria, located in Valdichiana a few kilometres from the border between Umbria and Tuscany, and about southwest of Perugia and southeast of Chi ...
in Umbria. He is a supporter of A.S. Roma, one of the football teams of his hometown, and a great fan of
basketball Basketball is a team sport in which two teams, most commonly of five players each, opposing one another on a rectangular Basketball court, court, compete with the primary objective of #Shooting, shooting a basketball (ball), basketball (appr ...
. In 2015 he identified himself as a liberal socialist.


Honours


Italian honours


Foreign honours


Honorary degrees

*Honorary Masters in Business Administration (
MIB School of Management Trieste MIB is an international School of Business and Management located in Trieste Trieste ( , ; sl, Trst ; german: Triest ) is a city and seaport in northeastern Italy. It is the capital city, and largest city, of the autonomous region of Friuli Ve ...
, 2004). *Honorary Distinction in Statistics (
University of Padua The University of Padua ( it, Università degli Studi di Padova, UNIPD) is an Italian university located in the city of Padua, region of Veneto, northern Italy. The University of Padua was founded in 1222 by a group of students and teachers from ...
, 2009). *Honorary Masters in Business administration (Vicenza, CUOA Foundation, 2010). *Honorary Degree in Political Science (
Libera Università Internazionale degli Studi Sociali Guido Carli Libera Università Internazionale degli Studi Sociali "Guido Carli" (Italian for ''Free International University of Social Studies "Guido Carli"''), known by the acronym "LUISS" or "LUISS Guido Carli", is a prestigious private university loca ...
, 2013). *Honorary Doctorate (
Tel Aviv University Tel Aviv University (TAU) ( he, אוּנִיבֶרְסִיטַת תֵּל אָבִיב, ''Universitat Tel Aviv'') is a public research university in Tel Aviv, Israel. With over 30,000 students, it is the largest university in the country. Locate ...
, 2017). *Honorary PhD in Economics (
Sant'Anna School of Advanced Studies , latin_name = , image = , motto = L'eccellenza come disciplina , mottoeng = Committed to excellence , established = 1987 from previously existing institutions , type = State-supported , administrative_staff ...
, 2018). *Honorary Degree in Law (
Università degli Studi di Bologna The University of Bologna ( it, Alma Mater Studiorum – Università di Bologna, UNIBO) is a public research university in Bologna, Italy. Founded in 1088 by an organised guild of students (''studiorum''), it is the oldest university in continuo ...
, 2018). *Honorary Degree in Economics (
Università Cattolica del Sacro Cuore Università Cattolica del Sacro Cuore (English: ''Catholic University of the Sacred Heart'', colloquially the ''Catholic University of Milan''), known as UCSC or UNICATT or simply Cattolica, is an Italian private research university founded in 1 ...
, 2019).


References


Further reading

* *Bahaa Moni
EUROPE'S DEFLATION: IMAGINATIVE RISK AND FICTIONAL POLICIES
How President Mario Draghi views Negative interest rates, Quantitative Easing Program and Deflation in Europe.) – ORCA Forex


External links


Profile at the Italian Government Website
* * *


Profile at the Bank of Italy Website


''Time'' magazine
Mario Draghi – The World's 100 Most Influential People: 2013 – TIME
''Time'' magazine
Mario Draghi – The World's 100 Most Influential People: 2021 – TIME
''Time'' magazine , - , - , - , - {{DEFAULTSORT:Draghi, Mario 1947 births Living people Businesspeople from Rome Prime Ministers of Italy People of Venetian descent People of Campanian descent Italian Roman Catholics Draghi Cabinet Eurogroup Goldman Sachs people Governors of the Bank of Italy Grand Crosses 1st class of the Order of Merit of the Federal Republic of Germany Grand Officers of the Order of Merit of the Italian Republic Group of Thirty Italian bankers Italian officials of the European Union MIT School of Humanities, Arts, and Social Sciences alumni Presidents of the European Central Bank Sapienza University of Rome alumni Trustees of the Institute for Advanced Study 20th-century Italian economists 21st-century Italian economists 21st-century Italian politicians