The other Super Mario â
The other Super Mario — ECB President Mario Draghi
A graduate of the University of Rome, a PhD in economics from the Massachusetts Institute of Technology, professor of economics at the University of Florence, managing director and vice-chairman of Goldman Sachs International, executive director of the World Bank, director general of the Italian Treasury, head of the Financial Stability Board, and governor of the Bank of Italy. Now Mario Draghi faces his toughest challenge as he takes the helm of the European Central Bank (ECB).
There are many challenges ahead, the most obvious being the continuing government debt crisis that besets the region. According to the head of sovereign risk at IHS Global Insight, the two most powerful institutions in Europe are the German government and the ECB, and without proper cooperation between the two there can be no solution. It is good to know then that Mr Draghi’s candidacy was supported by the German Chancellor Angela Merkel who said “I know Mario Draghi. He is very close to our ideas of the stability culture and solid economic policy.” Thus despite the divisions that exist between the two institutions, there is potential for Draghi and Merkel to work towards a solution together.
While Italy is notorious for fiscal profligacy, Draghi is considered more conservative as a policymaker. However, when necessary he is able to adopt more drastic policy initiatives than might be expected from the very conservative German central bank, the Bundesbank. With a track record like his, the ECB could not have found a more appropriate person.
Source: Henderson Global Investors
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