Super Mario Draghi assures support for Italian unitary government

Italian former banker Mario Draghi has received sufficient parties to form a government of national unity. Members of Parliament‘s largest party, the Five Star Movement (M5S), have agreed to a Draghi government in an online referendum.

This gives the former President of the European Central Bank the support of almost the entire parliament, from the Social Democrats on the left to Matteo Salvini’s right-wing populist Lega on the right. Only the radical right Fratelli d‘Italia turn against Draghi.

The aim is to lead the country through the coronacrisis with a business cabinet, implement reforms and invest European aid funds in the economy.

The technocrat government succeeds the collapsed cabinet of Conte, which lost the majority last month due to the departure of former Prime Minister Renzi’s separate splinter party. President Mattarella then did not want to organise elections in the middle of the coronapandemic and asked Draghi to try to form a business cabinet.

Super Mario

The 73-year-old is popular because of his role in rescuing the euro area during the euro crisis. โ€œSuper Marioโ€ gained great fame by saying that he would do โ€œwhatever it takesโ€ to keep all euro countries upright. He now faces the task of revitalising the Italian economy, including billions from the European Corona Aid Fund.

Even before the coronacrisis, Italy, the EU‘s third economy, was heading for recession. According to the latest figures, gross domestic product in Italy has now fallen by 8.8% and nearly 450 000 jobs have been lost since March last year.

Superministry

Presumably, the next Prime Minister will be visiting President Mattarella tomorrow. After that, it can be fast, says correspondent Mustafa Marghadi. โ€œIf he gives off his list of ministers, he may be sworn in tomorrow or more likely Saturday.โ€

Rebellion of Five Star Politicians is not excluded: a number of MPs do not seem to want to join Draghi. But thanks to the broad parliamentary support, Draghi does not have to worry about this.

The prospect of a Draghi cabinet has already been positively responded to today’s stock exchange: the interest rate for a ten-year Italian government bond reaches the lowest rate ever.

Check out the portrait of Draghi when he resigned as ECB boss in 2019: