Mario Draghi must help Italy out

Italian Head of State Sergio Mattarella summoned Mario Draghi to arrive at noon on Wednesday morning. It is therefore very likely that it will form a new cabinet after the second cabinet Conte has fallen.

, โ€œA government with a high profile is necessaryโ€, says Mattarella. The head of state believes Draghi is the most suitable candidate. The economist Draghi was President of the European Central Bank from November 2011 until the end of October 2019 and is therefore very familiar with European economic policy.

Italy will have to show the European Commission in the coming months how it intends to spend the European Recovery Fund Next Generation. Italy was promised EUR 209 billion of European loans and funds after lengthy negotiations, which mainly bothered the Netherlands. However, she will not get that money if she does not show convincing plans for how that money is spent. Draghi is considered by many Italians to be by far the best to do this.

Mattarella summoned Draghi after an Italian cabinet crisis had arisen. The political parties were hopelessly divided and there was no solution in sight. Ex-Prime Minister Matteo Renzi withdrew his support. He was bothering on many issues, including expenditure on the European Recovery Fund. Vailed attempts to come to a new cabinet formation failed.

Then President Sergio Mattarella had the floor. He made it clear that he wants to avoid elections. According to him, these are now very bad. Among other reasons, he mentioned the pandemic, because elections facilitate contamination, while the correct vaccinations are a race against the clock. But Mattarella wants to avoid elections in particular because a plan has to be submitted to the European Commission before April on the use of the European Recovery Fund. Practice shows that it takes four to five months before elections can be held. That would mean that the recovery fund would be run by a demissionary government, not an option.