Mario Draghi OMRI (born 3 September 1947) is an Italian
economist,
banker,
academic,
civil servant, and
politician who has been serving as
Prime Minister of Italy since 13 February 2021. He previously served as
President of the European Central Bank from 2011 until 2019. Draghi was also
Chair of the Financial Stability Board from 2009 to 2011 and
Governor of the Bank of Italy from 2006 to 2011.
After a lengthy career as an academic
economist in
Italy, Draghi 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, the global standard-setter that replaced the
Financial Stability Forum.
He left those roles after his nomination by the
European Council in 2011 to serve as
President of the European Central Bank. He presided over the institution during the
Eurozone crisis, becoming famous throughout Europe for saying that he would be prepared to do "whatever it takes" to prevent the
euro from failing. 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".
In 2019, Paul Krugman described him as "the greatest central banker of modern times". Moreover, thanks to his monetary policies, he is
widely considered the "savior of the euro" during the European debt crisis. He has been
nicknamed Super Mario by some media, a nickname that was popularised during his time as
President of the European Central Bank, when he was credited by numerous sources as having played a key role in combatting the
Eurozone crisis.
After Draghi's term as ECB President ended in 2019, he initially returned to private life. On
3 February 2021, in the midst of the
COVID-19 pandemic,
Draghi was invited by Italian President Sergio Mattarella to form a government of national unity, following
the resignation of Giuseppe Conte. After successful negotiations with parties including the
League, the
Five Star Movement, the
Democratic Party and
Forza Italia, Draghi was sworn in as Prime Minister on 13 February, pledging to oversee effective implementation of COVID-19 economic stimulus.