Mario Draghi, the new face of Europe?

Prime Minister Mario Draghi of Italy is being heralded as a new leader for Europe in the post-Angela Merkel era. With German politics in the deep freeze and France’s Emmanuel Macron facing presidential elections, Draghi, who’s credited with saving the euro with three words, looks like an unequalled pair of safe hands.
To get an idea of why Europe’s elites are so enthusiastic about the idea of Draghi taking a bigger role in Europe, you need only look at the outcome in the first round of Italian mayoral elections, which took place earlier this month. Instead of trending towards the far-right politics embodied by Matteo Salvini, voters opted for mostly understated bureaucrats, a kind of army of mini Marios.
Italian politics remain volatile, as shown by clashes over the use of “green passes” to prove vaccination and large protests in Milan and the port city of Trieste. Not coincidentally, this is because Draghi — who was appointed premier this year after Italy’s elected politicians failed to manage the pandemic — is driving the narrative of Europe’s post-Covid economic revival. Italy has vaccinated 80% of its population above the age of 12 and infections have come down significantly since the beginning of the pandemic, when the country was one of the worst affected outside of China.
Draghi has stayed the course, refusing to be moved the protests. His steadfastness provides more impetus and support to Italy’s moderates. For a Europe hoping to mute extremism, Italy could become an encouraging bellwether. The rise of populism here was seen as a harbinger for wider Europe. Now its wane — notably in a country whose economy is on a two-decade decline — is welcome news. And that would be thanks to the new mood that wonkish, gravitas-laden Draghi has brought to Italy.
Italy has received the largest payout of the NextGenEU funds, more than 200 billion euros ($231 billion). The success or failure of the project depends on whether Draghi spends the handout well. So far the signs are encouraging. Much of infusion is aimed at making the economy more digital and resilient. About 40% will go to climate-related initiaves. Even French newspaper Les Echos has hailed Italy’s apparent transformation from the sick man of Europe to an examplar: “All roads now lead to Rome.”
Draghi’s international standing and experience make him an obvious candidate to lead Europe.

—Bloomberg