Draghi Sworn in as Prime Minister

The inauguration ceremony of the Draghi government. (Wikimedia Commons)

Mario Draghi, former president of the European Central Bank (ECB), was sworn into office as Italy’s new prime minister on February 13. 

Draghi first achieved renown for leading the ECB through the 2010 European debt crisis and re-stabilizing the Euro. Following the collapse of Prime Minister Giuseppe Conte’s government after political debates regarding his mishandling of the coronavirus pandemic, Draghi gained the support of the majority party of the Italian Parliament, the Five Star Movement. Draghi takes office in a period of turmoil for Italy, as COVID-19 has exacerbated the country’s economic straits that existed prior to the pandemic. Furthermore, he is Italy’s seventh prime minister in the last decade and its 67th since World War II, an indication of the country’s long-standing political instability. 

Seen as a potential saving grace for Italy’s finances, Draghi has committed to an ambitious plan to overhaul the Italian economy. Remaining largely apolitical in his opening speech to the Senate, Draghi emphasized the need to tighten relations with the European Union and NATO while continuing economic cooperation. 

Draghi also hopes to address the struggling Italian economy, which has faced further setbacks due to the pandemic. Seeing high GDP-to-debt ratios, increasing unemployment, and a GDP growth rate of -10.6 percent in 2020, significant corrective action is required. Draghi has proposed drawing from a €200 billion EU recovery fund to help boost the floundering economy.

Italy and the EU have positively reacted to Draghi’s appointment. Nicknamed Super Mario, Draghi has significant support within Italy, both from the government and the people. Abroad, Ursula von der Leyen, president of the European Commission, praised Draghi, calling him an “exceptional asset for Italy and Europe as a whole.” Christine Lagarde, the new head of the ECB, similarly congratulated him on Twitter. Former Prime Minister Matteo Renzi told the BBC’s Newshour that: “Draghi was the Italian who saved Europe, and now he is the European who can save Italy.” 

Two major challenges face Draghi’s new government: the COVID-19 pandemic and the beleaguered economy. With his vast economic experience, Draghi could mark a turning point for Italy, revitalizing its economy and providing some much-needed political stability.