San Antonio Express-News (Sunday)
Draghi takes helm in Italy, focuses on pandemic recovery
ROME — Mario Draghi, the man largely credited with saving the euro currency, took the helm as Italy’s premier Saturday after assembling a government of economic experts and other technocrats along with career politicians from across the spectrum to guide the pandemic-devastated nation toward recovery.
Draghi and his 23 Cabinet ministers took their oaths of office at the Quirinal presidential palace. Italian President Sergio Mattarella had tasked the former European Central Bank president with trying to form a government up to managing the the health, economic and social crises of the coronavirus pandemic.
Draghi’s most-quoted words so far have been those uttered in 2012 when the euro-zone risked collapsing in a crisis of confidence and he vowed the European Central Bank would do “whatever it takes” to rescue the euro.
The current head of the European Central Bank, Christine Lagarde, tweeted her congratulations: “I wish him all the best as he takes on the task ahead, leading the government in the best interests of all Italian citizens.”
Draghi, 73, an economist who also previously led Italy’s central bank, replaces Premier Giuseppe Conte, whose government collapsed after a small party yanked support over the handling of the pandemic. Broad political backing for the new Cabinet will be crucial in the Italian Parliament, where Draghi next week must win mandatory confidence votes.
With pandemic lockdowns pummeling Italy’s long-stagnant economy, he chose for his economy minister a non-political appointee, Daniele Franco, an expert in public finances who has served in Italian central bank posts.
Eager to have some role in deciding how Italy will spend some 209 billion euros (about $250 billion) in European Union recovery funds, politicians from parties that have spent years demonizing each other set aside differences, at least for now, and agreed to join a Draghi government.
The EU funds are contingent on projects aimed at reforming Italy’s bureaucratic institutions, creating new jobs, especially for young people, and transforming the nation digitally and environmentally.