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Mario Draghi, the former President of the European Central Bank, has been invited by Italy’s President Sergio Mattarella to form a new Italian government.
Lisa Zanotti
reacts to the decision, arguing that while Draghi may help the country emerge from its current political crisis, his appointment as Prime Minister would illustrate the deficiencies present within Italian democracy.
Yesterday, Sergio Mattarella, Italy’s President, indicated that former Bank of Italy and ECB President Mario Draghi would be invited to form a new government. This came after a series of consultations in which it became clear that Prime Minister Giuseppe Conte could no longer count on a workable parliamentary majority.
BBC News
Published
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image captionMario Draghi (R) has agreed to put forward a new administration in the hope of fixing a fractured parliament
Italy s president has asked the former head of the European Central Bank, Mario Draghi, to form a new government after the previous coalition collapsed.
President Sergio Mattarella said Italy needed a high-profile government to tackle the Covid-19 pandemic and the worst economic crisis in decades.
Politicians failed to agree a coalition following the resignation of Prime Minister Giuseppe Conte last week.
Mr Draghi will now have to put forward an administration that leaders support.
He was summoned to Rome s historic Quirinale Palace on Wednesday by President Mattarella, who gave Mr Draghi a mandate and said he hoped he would break the parliamentary stalemate.
5 Min Read
ROME (Reuters) - Former European Central Bank chief Mario Draghi on Wednesday set about trying to form a government to end Italy’s political crisis, tackle the coronavirus emergency and overcome deep economic recession.
Former European Central Bank President Mario Draghi pauses as he speaks after his meeting with Italian President Sergio Mattarella at the Quirinale Palace in Rome, Italy February 3, 2021. Francesco Ammendola/Presidential Palace/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE HAS BEEN SUPPLIED BY A THIRD PARTY
Draghi, widely credited with saving the euro zone from collapse in 2012, accepted the mandate from head of State Sergio Mattarella, saying he was confident he could find backing in Italy’s fractured parliament for a new administration.
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Italian markets cheer as former ECB chief Super Mario Draghi is tapped to become prime minister - with stocks soaring and bond yields falling
Italian markets cheer as former ECB chief Super Mario Draghi is tapped to become prime minister - with stocks soaring and bond yields falling
Harry RobertsonFeb 3, 2021, 17:17 IST
Mario Draghi led the European Central Bank through the worst of the eurozone crisisThomas Lohnes/Getty Images
Italian stocks soar as ex-ECB boss
Mario Draghi is tapped to lead the country.
Bond yields fall sharply as investors welcome the idea of a banker-led government.
Draghi led the
eurozone crisis.
Provided by Dow Jones
By Marcus Walker and Giovanni Legorano ROME Mario Draghi, the former head of the European Central Bank, was formally tasked by Italy s president on Wednesday with forming a government of national unity to steer the country out of its political, economic and health crises. Italy is turning to Mr. Draghi, one of Europe s most respected public officials, at a time when it needs to shore up its credibility within the European Union, which last year promised to help finance Italy s economic recovery from the Covid-19 pandemic but this month has looked askance at Rome, where the government collapsed amid squabbles over how to spend the EU money, as well as personal animosities between politicians.