Former ECB Chair Draghi set to be Italian PM amid economic meltdown

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Former ECB Chair Draghi set to be Italian PM amid economic meltdown

Late on Friday, in what has been an extra-ordinary turn of event, Mario Draghi, the former President of ECB (European Central Bank), corroborated that the 73-year-old Italian economist - an ex-scholar of MIT (Massachusetts University of Technology) - was prepared to become the next Italian PM, putting an end to a week-long wrangling on who would be succeeding Conte as the EU’s third-largest economy’s Prime Minister, which has still been battling from the pandemic’s fiscal consequences.

Apart from that, Draghi, who served as the Governor of Central Bank of Italy from 2005 to 2011 before taking charge of ECB, where he continued his rein between 2011 and 2019, also unveiled a cabinet of Ministers including a number of technocrats alongside politicians from his broad coalition.

In point of fact, after Giuseppe Conte had decided to step down amid a growing grudge in the Italian parliament over his handling of pandemic outbreak alongside an even distribution of fiscal stimulus, Italian President Sergio Mattarella asked Draghi to be the Prime Minister.

However, following Draghi’s remark, analysts were quoted saying that it was highly unlikely that Mario Draghi’s voyage as an Italian PM would be a bed of roses with soaring complications associated to a still-raging pandemic alongside its fiscal impacts.

Apart from that, the country had also been reeling from a record contraction last year.

Draghi to form new Italian Govt., names politicians, technocrats as ministers

In tandem, all three main political parties had agreed to pledge their supports to Draghi following a week of consultations as beforementioned, while dominant figures from all major groups were reportedly named as Ministers.

According to local newspaper reports, 5-star movement’s Luigi Di Maio would remain as the country’s Foreign Minister, while centre-right League Party’s Giancarlo Giorgetti would be the Industry Minister.

Besides, Centre-left Democratic Party’s Andrea Orlando would take charge as the top-tier eurozone economy’s Labour Minister, while Director General of Bank of Italy, Daniele Franco had been named as Economy Minister.