Draghi to Take Over as Italy’s Prime Minister Amid Crises

ROME—Mario Draghi, the former head of the European Central Bank, is set to be named Italian prime minister after persuading nearly all of the country’s squabbling parties to support his government, raising hopes that he can succeed where many others have failed: in leading Italy out of its deep economic malaise.

Italy’s head of state, President Sergio Mattarella, is expected to appoint Mr. Draghi and his proposed ministers later Friday or Saturday, ahead of a formal swearing-in at the weekend and a parliamentary vote of confidence early next week.

Mr. Draghi is set to take over Italy, the European Union’s third-biggest economy after Germany and France, at a time when it is fighting with persistently high Covid-19 contagion, an agonizingly slow vaccine rollout and restrictions on daily life that are holding the economy in recession.

Reviving economic growth in Italy is vital for the EU and its common currency, the euro, since Italy’s deep debts and chronically low growth are the biggest sources of doubt about the euro’s long-term stability. How to reanimate Italy’s economy, which has stagnated since the 1990s, has bedeviled a series of would-be reforming leaders who briefly carried the country’s hopes but ended as disappointments.

Mr. Draghi, a 73-year-old, U.S.-trained economist who has worked at the World Bank, Goldman Sachs Group Inc. and Italy’s Treasury and central bank, will have at most two years to make a difference. Italian parties will return to competing for power in parliamentary elections by 2023 at the latest.

Read More

Spread the love
Nicholas ‘Nick’ Statman entered the property industry in 2001 and set up a property buying company that quickly established itself as one of the biggest in the sector. During this time the Company successfully transacted on thousands of residential properties across the UK. Nicholas Statman was an early pioneer of the ‘quick sale’ niche market which has since grown considerably with a multitude of companies now operating in the sector. Nicholas Statman has strategically built a sizeable residential and commercial property portfolio with a view to holding for optimum capital growth and a long term passive income. Nicholas Statman has been involved in almost every aspect of the property sector over a 20 year period – this includes buying and selling, development, letting and management and is now involved in the fast growing online/ hybrid Estate Agent industry.

Latest articles

Gorbachev urges Putin, Biden to aim for deeper curbs...

Former Soviet leader Mikhail Gorbachev on Saturday urged Russia’s Vladimir Putin and new US President Joe Biden to push for deeper restrictions on nuclear weapons.Tensions soared between the two nations under previous US leader Donald Trump, fuelled by allegations of sweeping cyberattacks and a litany of other disagreements.But soon after Biden took office, the two…

Hong Kong opposition activists disband Power for Democracy group...

A group of opposition activists in Hong Kong who organised a primary election said to have breached the national security law by attempting to overthrow the government disbanded on Saturday.The announcement came a day before 52 former opposition lawmakers and activists were expected to report to police over their arrests on subversion charges relating to…

China on watch for mutant African swine fever strains

A Chinese state laboratory has detected two more-transmissible mutations of the African swine fever virus, a disease that has devastated pig herds across the country in recent years.In a paper published on Friday, researchers at the Chinese Academy of Agricultural Science’s Harbin Veterinary Research Institute said they carried out genetic analysis of various natural mutations…

South China Sea: how the US Navy aims to...

The US military aims to use troops on the ground to help multinational fleets more accurately guide missiles over longer ranges, an approach that analysts say could be used in the South China Sea.In a drill in early February, the USS Dwight D. Eisenhower aircraft carrier strike group sent US Navy Seal teams as well…

Similar articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Subscribe to our newsletter

Spread the love