Mario Draghi

Mario Draghi OMRI GColIH BVO (Italian: [ˈmaːrjo ˈdraːɡi]; born 3 September 1947) is an Italian economist and central banker who served as President of the European Central Bank between 2011 and 2019. Before that, he was the inaugural Chair of the Financial Stability Board from 2009 to 2011 and was also Governor of the Bank of Italy from 2005 to 2011.

Mario Draghi

OMRI GColIH BVO
President of the European Central Bank
In office
1 November 2011 – 31 October 2019
Vice PresidentVítor Constâncio
Luis de Guindos
Preceded byJean-Claude Trichet
Succeeded byChristine Lagarde
Chair of the Financial Stability Board
In office
2 April 2009 – 4 November 2011
Preceded byPosition established
Succeeded byMark Carney
Governor of the Bank of Italy
In office
16 January 2006 – 31 October 2011
Preceded byAntonio Fazio
Succeeded byIgnazio Visco
Director General of the Treasury
In office
12 April 1991 – 23 November 2001
Preceded byMario Sarcinelli
Succeeded byDomenico Siniscalco
Personal details
Born
Mario Roberto Draghi

(1947-09-03) 3 September 1947
Rome, Italy
Spouse(s)
Serena Cappello
​
(m. 1973)​
Children2
EducationSapienza University
Massachusetts Institute of Technology
Signature

After a lengthy career as an academic economist in Italy, Draghi also worked for the World Bank in Washington, D.C. throughout the 1980s, and in 1991 returned to Rome to become Director General of the Italian Treasury. He left that role after a decade to join Goldman Sachs, 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, a newly-created global standard-setter which would be accountable to the G20. He left both those roles after his nomination by the European Commission in 2011 to serve as President of the European Central Bank. He presided over the institution throughout the Eurozone crisis, and became famous throughout Europe for saying that he would be prepared to do "whatever it takes" to prevent the Euro from failing.[1] In 2014, Draghi was listed by Forbes magazine as the eighth most powerful person in the world. In 2015, Fortune magazine ranked him as the world's "second greatest leader".[2] In May 2019, Paul Krugman described him as arguably "the greatest central banker of modern times."[3]

On 3 February 2021, in the midst of the COVID-19 pandemic, Draghi was invited by Italian President Sergio Mattarella to form a new government, following the resignation of Giuseppe Conte, due to a government crisis.[4][5]

Early life and education

Mario Draghi was born in Rome in 1947, growing up in an upper-class family: his father Carlo, who was born in Padua, joined the Bank of Italy in 1922, and later worked for the Institute for Industrial Reconstruction (IRI) and in the end for the Banca Nazionale del Lavoro; while his mother, Gilda Mancini, came from Monteverde, near Avellino, and was a pharmacist. He is the first of three children: Andreina, an art historian, and Marcello, an entrepreneur.[6] When he was 15 years old, his parents died within a few months of each other.[7]

Draghi studied at the Massimiliano Massimo Institute,[8] a Jesuit school in Rome, where he was a classmate of the future chairman of Ferrari, Luca Cordero di Montezemolo, and the future television presenter, Giancarlo Magalli.[9][10] In 1970, he graduated in Economics at La Sapienza University under the supervision of the Keynesian economist, Federico Caffè, with a thesis titled Integrazione economica e variazione dei tassi di cambio ("Economic integration and variation of exchange rates").[11] In his thesis he was particularly critic of Pierre Werner's plans, in which the Prime Minister of Luxembourg considered the European monetary union too premature.[12] Then Draghi earned a PhD in economics from the Massachusetts Institute of Technology in 1976 with the thesis "Essays on economic theory and applications", under the supervision of Franco Modigliani and Robert Solow.[13]

Career

For 1975 to 1978, Draghi became professor of economic and financial policy at the University of Trento, then of macroeconomics at the University of Padua and of mathematical economics at Ca' Foscari University of Venice.[14] In 1981, he was appointed full professor at the "Cesare Alfieri" Faculty of Political Science of the University of Florence, where he taught economic and monetary policy, a position that he held until 1994.[15] In 1983, Draghi became counselor of the then minister of Treasury, Giovanni Goria. From 1984 to 1990, he served as the Italian Executive Director at the World Bank.[16]

In 1991, thanks to the then minister Guido Carli and the then governor of the Bank of Italy, Carlo Azeglio Ciampi, he became director general of the Treasury, and held this office until 2001.[17] During his rule at the Treasury, he chaired the committee that revised Italian corporate and financial legislation and drafted the law that governs Italian financial markets still nowadays.[18] Draghi was also among the main proponents of the privatizations of many state-owned companies which characterized Italian economy through the 1990s. In 1991, he chaired the management committee of SACE, implementing a complete reformation of the group and managing the transition from the Mani Pulite corruption scandal. Draghi returned to chair SACE between 1998 and 2001, before the subsequent privatization. During these years, he was also a board member of several Italian banks and corporations, like Eni, Institute for Industrial Reconstruction,[19] Banca Nazionale del Lavoro and Istituto Mobiliare Italiano.[20]

In 2001, he became also a fellow of the Institute of Politics at the John F. Kennedy School of Government, Harvard University.[21] Draghi was then vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee from 2002 until 2005.[22] He worked on the firm's European strategy and development with major European corporations and governments.[23] After the revelation of off-market swaps used by Greece with the help of Goldman Sachs, he said he "knew nothing" about this deal and "had nothing to do with" it. He added that "the deals between the Greek government and Goldman Sachs had been undertaken before [his] joining of [the company]."[24] During this period, Draghi also worked as a trustee at the Institute for Advanced Study in Princeton, New Jersey and also at the Brookings Institution, in Washington, D.C.[18]

Governor of the Bank of Italy
Draghi with the U.S. President George W. Bush in 2008

In December 2005, Draghi was appointed Governor of the Bank of Italy[25]. He officially took office on 16 January 2006. In April 2006, he was elected Chairman of the Financial Stability Forum; this organization was re-named Financial Stability Board in April 2009 on behalf of the G20, bringing together representatives of governments, central banks and national supervisors institutions and financial markets, international financial institutions, international associations of regulatory authorities and supervision and committees of central bank experts.[26] Its aim was to promote international financial stability, 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, he was a member of the Governing and General Councils of the European Central Bank and a member of the Board of Directors of the Bank for International Settlements.[27] His collected utterances while BIS board member are still required reading as of 2021 in the context of Basel III for junior bankers.[28] He also represented Italy on the Boards of Governors of the International Bank for Reconstruction and Development and the Asian Development Bank.[29]

On 5 August 2011, he wrote, together with the then-governor of the ECB, Jean Claude Trichet, a letter to the Italian government of Silvio Berlusconi to push for a series of economic measures that should be soon implemented in Italy.[30]

President of the European Central Bank

Candidacy
Draghi with Dominique Strauss-Kahn and Jean-Claude Trichet

Draghi was frequently mentioned as a potential successor to Jean-Claude Trichet, whose term as President of the European Central Bank ended in October 2011.[31] Then, in January 2011, the German weekly newspaper Die Zeit reported, with reference to high-ranking policy-makers in Germany and France, that it was "unlikely" that Draghi would be picked as Trichet's successor.[32] However, in February 2011 the situation became further complicated when the main German candidate, Axel Weber, was reported to be no longer seeking the job, reviving the chances of the other candidates.[33] On 13 February 2011, Wolfgang Münchau, associate editor of the Financial Times, endorsed Draghi as the best candidate for the position.[34] A few days later, The Economist wrote that "the next president of the world's second-most-important central bank should be Mario Draghi".[35] On 20 April 2011, The Wall Street Journal reported that Wolfgang Schäuble, Germany's finance minister, was open to Draghi being the ECB President.[36] A few days later, the German newspaper Bild endorsed Draghi by defining him the "most German of all remaining candidates".[37] Contrary to previous reports about France's position, on 25 April it was reported that President Nicolas Sarkozy saw Draghi as a full-fledged and an adequate candidate for the job;[38][39] moreover Draghi was also supported by the Italian Prime Minister, Silvio Berlusconi.[40]

On 17 May 2011, the Council of the European Union, sitting as Ecofin, adopted a recommendation on the nomination of Draghi as President of the ECB.[41] Draghi's nomination was later approved by the European Parliament and the ECB itself[42] and on 24 June 2011 his appointment was confirmed by the European leaders.[43] Draghi began leading the Frankfurt-based institution when Trichet's non-renewable eight-year term expired on 31 October 2011.[44] Though France long backed Draghi's candidacy, the country held up the appointment toward the end, insisting that Lorenzo Bini Smaghi, an Italian official on the ECB's six-member board, should cede his post on the board to a French representative.[43]

Concerns were also expressed during the candidacy about Draghi's past employment at Goldman Sachs.[22][45] Pascal Canfin (MEP) asserted Draghi was involved in swaps for European governments, particularly in Greece, trying to disguise their countries' economic status. Draghi responded that the deals were "undertaken before my joining Goldman Sachs [and] I had nothing to do with them", in the 2011 European Parliament nomination hearings.[46][47][48]

Presidency
Mario Draghi at the World Economic Forum, in 2012

In December 2011, Draghi oversaw a €489 billion ($640 b.), three-year loan program from the ECB to European banks. The program was around the same size as the US Troubled Asset Relief Program (2008) though still much smaller than the overall US response including the Federal Reserve's asset purchases and other actions of that time. Draghi's ECB also promptly "repealed the two foolish rate hikes made by his predecessor ...Trichet [and] ... stepped up the bond purchases from struggling euro-zone nations" to help with the debt crisis, commentator Steve Goldstein wrote in mid-January, 2012. At that time, "Draghi and all of his colleagues (the decision was unanimous) chose not to cut the price for private-sector loans [below the 1% achieved with the "repeal"], even when he forecasts inflation to fall below the targeted 2% later this year." As such, Goldstein concluded, Draghi would leave more moves to national leaders Sarkozy and German Chancellor Angela Merkel and central banks, contrasting Draghi's actions with those of the Fed's Ben Bernanke.[49]

In February 2012, Nobel prize laureate in economics Joseph Stiglitz argued that, on the issue of the impending Greek debt restructuring, the ECB's insistence that it has to be "voluntary" (as opposed to a default decreed by the Greek authorities) was a gift to the financial institutions that sold credit default insurance on that debt; a position that is unfair to the other parties, and constitutes a moral hazard.[50]

Late in February, 2012, a second, somewhat larger round of ECB loans to European banks was initiated under Draghi, called long term refinancing operation (LTRO). One commentator, Matthew Lynn, saw the ECB's injection of funds, along with Quantitative easing from the US Fed and the Asset Purchase Facility at the Bank of England, as feeding increases in oil prices in 2011 and 2012.[51]

In July 2012, in the midst of renewed fears about sovereigns in the eurozone, Draghi stated in a panel discussion that the ECB "...is ready to do whatever it takes to preserve the euro. And believe me, it will be enough."[52] This statement led to a steady decline in bond yields (borrowing costs) for eurozone countries, in particular Spain, Italy and France. In light of slow political progress on solving the eurozone crisis, Draghi's statement has been seen as a major turning point in the fortunes of the eurozone.[53][54]

Mario Draghi in Davos in 2013

In April 2013, Draghi said in response to a question regarding membership in the eurozone that "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."[55]

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," the central bank president, Mario Draghi, said in a speech to the European Parliament in Brussels. Failure of eurozone countries to harmonize their economies and create stronger institutions, he said, "puts at risk the long-term success of the monetary union when faced with an important shock." Mr. Draghi has often urged eurozone governments to do more to improve their economic performance, for example by overhauling restrictive labor regulations. But it was unusual for him to suggest that the future of the eurozone could depend on whether countries heed his advice.[56]

On 10 March 2016, Draghi provoked a wave of talks on the concept of "helicopter money" after declaring at a press conference that he thinks the concept is 'very interesting': "We haven't really thought or talked about helicopter money. It's a very interesting concept that is now being discussed by academic economists and in various environments. But we haven't really studied yet the concept. Prima facie, it clearly involves complexities, both accounting-wise and legal-wise, for our view, but of course by this term "helicopter money" one may mean many different things, and so we have to see that."[57]

On 31 October 2019, his mandate as ECB President expired and Christine Lagarde was appointed as his successor.[58]

Government formation
Main article: 2021 Italian government crisis
Draghi with President Sergio Mattarella at the Quirinal Palace

Between December 2020 and January 2021, discussions arose within Italy's ruling coalition, between Prime Minister Giuseppe Conte and Matteo Renzi, leader of Italia Viva.[59] On 13 January, Renzi announced the resignation of IV's two ministers, effectively triggering the collapse of Conte's government.[60] In the following week, the government won the confidence votes in the Parliament, but failed in reaching an absolute majority in the Senate, so on 26 January, after a few days of inconclusive negotiations with centrist and independent senators, Conte resigned as Prime Minister.[61]

On 2 February 2021, following the failed consultations between parties which formed the previous majority,[62] President Sergio Mattarella summoned Draghi for the next day at the Quirinal Palace with the intention, giving him the task of forming a technocratic government.[63][64] On 3 February, Draghi officially accepted with reservation the task of forming a new cabinet and started the consultations with the presidents of the two houses.[65] On the same day, he also met Giuseppe Conte,[66] who officially endorsed him on the following day.[67]

Criticism

Draghi is a member of the Group of Thirty founded by the Rockefeller Foundation.[27][68] For this reason, he was accused in Der Spiegel, Tagesschau.de and Die Welt of having a conflict of interest as president of the ECB. Some parties also see Draghi's former work at Goldman Sachs as a conflict of interest.[69][70][71][72]

Beginning in 2013, Draghi was criticised in the context of the scandals rising around the bank Banca Monte dei Paschi di Siena[73] which according to at least one German publication was making very risky deals.[74]

Personal life

In 1973, Mario Draghi married Serena Cappello,[75] an expert in English literature, with whom he had two children: Federica, who worked as investment director of Genextra Spa and board member of Italian Angel for Biotechis, and Giacomo, a finance analyst, who worked as an interest-rate derivative trader at investment bank Morgan Stanley until 2017, and he is now at the LMR Partners hedge fund.[76][77]

Draghi is a Roman Catholic, votary of Ignatius of Loyola.[78] Moreover, despite coming from the city of Rome, Draghi acquired several properties in Umbria region, which he uses to live with his family.[79] He is an avid supporter of A.S. Roma, the football team of his hometown, and a great fan of basketball.[80]

Honours

Italian honours
Grand Officer of the Order of Merit of the Italian Republic - awarded on 27 December 1991[81]
Knight Grand Cross of the Order of Merit of the Italian Republic – awarded on 5 April 2000[82][83]

Foreign honours
Grand Collar of the Order of Prince Henry - awarded on 19 June 2019[84]
Grand Cross of Merit of the Order of Merit of the Federal Republic of Germany - awarded on 31 January 2020[85]

Awards

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Further reading
Government offices
Preceded by
Mario Sarcinelli		 Director General of the Treasury
1991–2001		 Succeeded by
Domenico Siniscalco
Preceded by
Antonio Fazio		 Governor of the Bank of Italy
2005–2011		 Succeeded by
Ignazio Visco
Preceded by
Jean-Claude Trichet		 President of the European Central Bank
2011–2019		 Succeeded by
Christine Lagarde
Diplomatic posts
New office Chair of the Financial Stability Board
2009–2011		 Succeeded by
Mark Carney
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