As central bank president, Mr. Draghi insisted on changes, including the weakening of labor market regulations and streamlining of bureaucracy, which would require less confidence in the bank, especially in Italy. This largely did not happen.
Lorenzo Codogno, a former chief economist of the Italian Treasury, said that if Mr. Draghi would succeed in forming a government, he probably would not immediately take up the affairs. His focus would be on the deployment of vaccines and the management of more than € 200 billion, which Mr. Draghi on Wednesday called ‘the extraordinary resources of the European Union’.
Unlike Mario Monti, another economist who was brought in as a technocratic prime minister to save Italy’s politicians during the debt crisis, Mr. Draghi the task of spending billions of euros rather than cutting it.
In a speech in Rimini last year, Mr. Draghi, whose name has been mentioned for years as a potential candidate to replace President Sergio Mattarella as head of state in 2022, said foreign investors would accept higher Italian debt if the country invested money in ‘human capital, in key infrastructure for production, in research. ”
Supporters of Mr. Draghi is optimistic that he will move the paralyzed projects of public works in Italy, that he will invest more in job creation and education.
“Italy is a country that has a lot of money to spend,” Matteo Renzi, the former prime minister, said in an interview. “We could throw it all away, we would be in danger of spending it badly.” Instead, he said: “Mario Draghi in Italy means trust, and that is the first rule of the economy.”