Mario Draghi facts for kids
Quick facts for kids
Mario Draghi
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Draghi in 2021
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| Prime Minister of Italy | |
| In office 13 February 2021 – 22 October 2022 |
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| President | Sergio Mattarella |
| Preceded by | Giuseppe Conte |
| Succeeded by | Giorgia Meloni |
| President of the European Central Bank | |
| In office 1 November 2011 – 31 October 2019 |
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| Vice President | Vítor Constâncio Luis de Guindos |
| Preceded by | Jean-Claude Trichet |
| Succeeded by | Christine Lagarde |
| Chair of the Financial Stability Board | |
| In office 2 April 2006 – 4 November 2011 |
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| Preceded by | Position established |
| Succeeded by | Mark Carney |
| Governor of the Bank of Italy | |
| In office 16 January 2006 – 31 October 2011 |
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| Preceded by | Antonio Fazio |
| Succeeded by | Ignazio Visco |
| Personal details | |
| Born | 3 September 1947 Rome, Italy |
| Political party | Independent |
| Spouse |
Serena Cappello
(m. 1973) |
| Children | 2 |
| Education | Sapienza University of Rome (BEc, MSc) Massachusetts Institute of Technology (PhD) |
| Signature |  |
Mario Draghi (born 3 September 1947) is an Italian economist, banker, and politician. He served as the prime minister of Italy from February 2021 to October 2022. Before that, he was the president of the European Central Bank (ECB) from 2011 to 2019. Draghi also led the Financial Stability Board from 2009 to 2011 and was governor of the Bank of Italy from 2006 to 2011.
After working as an economics professor in Italy, Draghi joined the World Bank in Washington, D.C., in the 1980s. In 1991, he returned to Rome to become the director general of the Italian Treasury. He later worked for Goldman Sachs, a large investment bank, before becoming governor of the Bank of Italy in 2006. During his time as governor, the world faced the 2008 Great Recession. He was then chosen to lead the Financial Stability Board, a group that helps keep the world's financial system stable.
In 2011, Draghi was chosen to be the president of the ECB. He became famous during the Eurozone crisis for saying he would do "whatever it takes" to save the euro currency. Many people believe his actions helped prevent the euro from collapsing. Forbes magazine listed him as the eighth-most powerful person in the world in 2014. He has been called "the saviour of the euro" and nicknamed Super Mario by some media.
After his time at the ECB ended in 2019, Draghi returned to private life. However, in February 2021, during the COVID-19 pandemic in Italy, President Sergio Mattarella asked him to form a new government. This was a government of national unity (Draghi Cabinet), meaning it included many different political parties. Draghi became prime minister on 11 February 2021. He promised to manage Italy's economic recovery from the pandemic. During his time as prime minister, he was very popular. In 2022, he resigned after some political parties stopped supporting his government. He was replaced by Giorgia Meloni in October 2022.
Contents
Early Life and Education
Mario Draghi was born in Rome in 1947. His father, Carlo, worked for the Bank of Italy and other financial institutions. His mother, Gilda, was a pharmacist. Mario was the oldest of three children. Sadly, his father died when Mario was 15, and his mother died when he was 19.
Draghi attended the Massimiliano Massimo Institute, a Jesuit school in Rome. In 1970, he earned a degree in economics from the Sapienza University of Rome. He then went on to get his PhD in economics from the Massachusetts Institute of Technology in 1977.
Working as a Professor and Public Servant
From 1975 to 1981, Draghi taught economics at several universities in Italy. These included the University of Trento, the University of Padua, and the Ca' Foscari University of Venice. He also worked as an executive director at the World Bank in Washington, D.C., during this time.
In 1991, Draghi became the director general of the Italian Treasury. This was a very important job in the government. He helped change Italy's laws about companies and finance. He also played a big part in selling off many state-owned companies in the 1990s. He stayed in this role until 2001.
In 2001, he became a fellow at Harvard University. From 2002 to 2005, Draghi worked as a vice chairman at Goldman Sachs International. He helped lead their work with European companies and governments.
Leading the Bank of Italy
In December 2005, Mario Draghi was chosen to be the governor of the Bank of Italy. He started this job on 16 January 2006. In April 2006, he was also elected to lead the Financial Stability Forum. This group later became the Financial Stability Board in 2009. It brings together leaders from governments and central banks to help keep the global financial system stable.
As the first chairman of the Financial Stability Board, Draghi worked to improve financial stability around the world. He helped countries share information and work together to prevent financial problems.
As the Bank of Italy governor, Draghi was also part of the European Central Bank and the Bank for International Settlements. In 2011, he and the ECB President Jean Claude Trichet wrote an important letter to the Italian government. They suggested economic changes that Italy needed to make quickly.
President of the European Central Bank
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Many people thought Draghi would be the next president of the European Central Bank (ECB). This is a very important job in Europe. In May 2011, the Council of the European Union officially suggested him for the role. His nomination was approved by the European Parliament and the ECB. On 24 June 2011, EU leaders confirmed his appointment.
Some people were concerned about Draghi's past work at Goldman Sachs. However, he moved to Frankfurt and officially became the ECB President on 1 November 2011.
In December 2011, Draghi helped arrange a large loan program from the ECB to banks in the EU. He also lowered interest rates to help with the ongoing European sovereign debt crisis. In July 2012, during worries about countries in the Eurozone, Draghi made a famous statement. He said the ECB was ready to do "whatever it takes" to save the euro. He added, "And believe me, it will be enough." This statement helped calm financial markets and is seen as a key moment in saving the euro currency.
Draghi is now strongly linked to the phrase "whatever it takes." In 2015, he told the European Parliament that the future of the Eurozone was at risk. He said member countries needed to give up some independence and create more shared European institutions. He believed this would make the monetary union stronger.
On 31 October 2019, his time as ECB President ended. Christine Lagarde took over from him.
Prime Minister of Italy
Forming a Government
In late 2020 and early 2021, there were problems within Italy's ruling government. The prime minister, Giuseppe Conte, resigned. On 2 February 2021, President Mattarella asked Draghi to form a new government. This new government would be a "technocratic" one, meaning it would be led by experts rather than just politicians.
Draghi quickly gained support from many political parties, including those from the center-left, center, and right. On 11 February, the Five Star Movement also agreed to support him.
On 12 February, Draghi announced the members of his Cabinet. It included people from all the supporting parties, as well as independent experts. The next day, Draghi was sworn in as prime minister. His government was called a national unity government.
On 17 February, Draghi won a vote of confidence in the Senate. The next day, he won another vote in the Chamber of Deputies. This showed he had strong support from Parliament. In his first speech, Draghi said Italy needed to rebuild after the COVID-19 pandemic. He also stressed that his government would be strongly pro-European. In May, he announced he would not take his annual salary as prime minister.
Dealing with the COVID-19 Pandemic
When Draghi became prime minister, he said his main goal was to guide Italy out of the COVID-19 pandemic. He promised to improve the country's response to the pandemic. He changed the leaders of the Civil Protection and the COVID-19 Emergency. He also aimed to speed up Italy's vaccination campaign.
Draghi worked with the European Commission to make sure vaccines made in Italy were sent to the European Union first. He even stopped a shipment of vaccines meant for Australia. This decision was praised by some European leaders, like French President Emmanuel Macron.
In March 2021, Draghi put most of Italy under a "full lockdown" again. This was because COVID-19 cases were increasing. He promised that Italy's vaccination program would triple in April. His approval rating as prime minister reached 63% around this time.
In April, Draghi announced that restrictions would be eased. Bars and restaurants could reopen. In August 2021, the government made the EU Digital COVID Certificate (Green Pass) necessary for many activities. This included sports events, music festivals, and indoor places like restaurants. In October, Italy became the first country to require a COVID-19 vaccination certificate or a negative test for all workers. In January 2022, the government made vaccination compulsory for all Italian citizens over 50.
Changes at Home
In 2021, Draghi led efforts to improve Italy's justice system. The goal was to make legal cases faster. These changes were important for encouraging outside investment in Italy. The reforms passed Parliament in August 2021. This was the first successful reform of Italy's justice system in many years.
In October 2021, Draghi's government passed its budget for 2022. It changed the pension system and the "citizens' income" (a basic income program). The budget also included tax cuts, help for companies hiring young people, and money to help with rising energy prices. At the end of 2021, The Economist magazine named Italy its 'Country of the Year'. They said Draghi's leadership was key to this decision.
In the 2022 presidential election, many thought Draghi might become president. However, he supported the re-election of Sergio Mattarella. Draghi then promised to improve Italy's competition laws and public buying policies. In February 2022, his government approved €8 billion to help the economy with rising energy costs.
Foreign Policy
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Draghi focused on strengthening Italy's relationships in the Mediterranean Sea, North Africa, and the Middle East. In April 2021, he visited Libya to improve ties with the country. Days later, Draghi called Turkish President Recep Tayyip Erdoğan a "dictator." This caused strong reactions from Turkey, but Draghi was supported by other European leaders.
In June 2021, Draghi attended his first G7 summit in the United Kingdom. He met with U.S. President Joe Biden and praised him for improving relations between Europe and the United States.
In August 2021, after NATO troops left Afghanistan, Italy helped evacuate nearly 5,000 Afghans to Italy. In October 2021, Rome hosted the annual G20 summit. Draghi and other leaders discussed climate change, the COVID-19 pandemic, and global economic recovery.
In November 2021, Draghi signed the "Quirinal Treaty" with French President Emmanuel Macron. This agreement aims to help France and Italy work more closely on European and foreign policies, security, and economy.
Draghi also changed Italy's approach to Russia. When Russia invaded Ukraine in February 2022, Draghi strongly condemned the attack. He called for a ceasefire and promised to help restore Ukraine's independence. He also supported removing Russia from the SWIFT network, which is used for international financial transactions. Draghi also supported Ukraine's application to join the European Union.
Italy provided financial and military aid to Ukraine. In May 2022, Draghi spoke to the European Parliament. He said the EU needed to adopt "pragmatic federalism" in areas like security and economy. In June 2022, Draghi visited Kyiv with French President Macron and German Chancellor Olaf Scholz. They met with Ukrainian President Volodymyr Zelenskyy to discuss Ukraine's EU membership and the ongoing war.
Resignation
In July 2022, tensions grew within Draghi's government. Giuseppe Conte, leader of the Five Star Movement, withdrew support for a government plan. On 14 July, Draghi announced his resignation as prime minister. He said that the trust within the government had broken down. However, President Mattarella rejected his resignation and asked him to speak to Parliament.
On 20 July, Draghi spoke to the Senate. He criticized the actions of some parties. The government then failed to get enough votes in a confidence vote. This was because the Five Star Movement, Lega, and Forza Italia did not take part. The next day, Draghi officially resigned as prime minister. President Mattarella accepted his resignation. Draghi remained in office as a caretaker prime minister until a new government was formed after the 2022 general election.
EU Competitiveness Report
From 2023 to 2024, Mario Draghi wrote the Draghi report about how competitive Europe is.
Personal Life
In 1973, Mario Draghi married Maria Serenella Cappello. She is an expert in English literature. They have two children: Federica and Giacomo. Federica works in investment, and Giacomo is a finance analyst.
Draghi is a Catholic and was educated by Jesuits. He supports A.S. Roma, a football team from his hometown, and loves basketball. He has homes in Rome and in Città della Pieve.
Honours
Italian Honours
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Grand Officer of the Order of Merit of the Italian Republic – awarded on 27 December 1991. |
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Knight Grand Cross of the Order of Merit of the Italian Republic – awarded on 5 April 2000. |
Foreign Honours
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Commander of the Legion of Honour (France) – awarded in 2019. |
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Grand Collar of the Order of Prince Henry (Portugal) – awarded on 19 June 2019. |
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Grand Cross of Merit of the Order of Merit of the Federal Republic of Germany – awarded on 31 January 2020. |
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Order of Prince Yaroslav the Wise, 1st class (Ukraine) – awarded on 23 August 2022. |
- September 20, 2022: World Statesman Award presented by Henry Kissinger at the 57th Annual Awards Dinner in New York. This award was organized by the Appeal of Conscience Foundation.
Honorary Degrees
- Honorary Master of Business Administration (MIB School of Management Trieste, 2004).
- Honorary distinction in statistics (University of Padua, 2009).
- Honorary Master of Business Administration (Vicenza, CUOA Foundation, 2010).
- Honorary degree in political science (Libera Università Internazionale degli Studi Sociali Guido Carli, 2013).
- Honorary doctorate (Tel Aviv University, 2017).
- Honorary PhD in economics (Sant'Anna School of Advanced Studies, 2018).
- Honorary degree in law (Università degli Studi di Bologna, 2018).
- Honorary degree in economics (Università Cattolica del Sacro Cuore, 2019).
Images for kids
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Mario Draghi's signature
See also
In Spanish: Mario Draghi para niños
