Italy’s Draghi sworn in as prime minister of unity government


Investing.com - Financial Markets Worldwide

No results matched your search

EconomyFeb 13, 2021 06:30AM ET

Italy's Draghi sworn in as prime minister of unity government
© Reuters. Incoming Italian Prime Minister Mario Draghi speaks to the media after meeting with Italian President Sergio Mattarella, in Rome

ROME (Reuters) – The Italian president swore in the former chief of the European Central Bank, Mario Draghi, as prime minister on Saturday at the head of a unity government called on to confront the coronavirus crisis and economic slump.

All but one of Italy’s major parties have rallied to his side and his cabinet includes lawmakers from across the political spectrum, as well as technocrats in key posts, including the finance ministry and a new green transition portfolio.

Much now rests on Draghi’s shoulders.

He is tasked with plotting Italy’s recovery from the pandemic and must immediately set to work on plans for how to spend more than 200 billion euros ($240 billion) in European Union funds aimed at rebuilding the recession-bound economy.

If he prevails, Draghi will likely bolster the entire eurozone, which has long fretted over Italy’s perennial problems. Success would also prove to Italy’s sceptical northern allies that by offering funds to the poorer south, they will fortify the entire bloc.

But he faces enormous challenges. Italy is mired in its worst downturn since World War Two, hundreds of people are still dying of COVID-19 each day, the vaccination campaign is going slowly and he only has limited time to sort things out.

Italy is due to return to the polls in two years time, but it is far from certain that Draghi will be able to survive that long at the head of a coalition that includes parties with radically opposing views on issues such as immigration, justice, infrastructure development and welfare.

Highlighting Italy’s political instability, Draghi’s government is the 67th to take office since 1946 and the seventh in the last decade alone.

Related Articles

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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