Mario Returns: Former ECB boss Draghi forms new Italian government
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The former head of the European Central Bank (ECB), Mario Draghi has formed Italy’s next government, appointing a cabinet of technocrats and politicians.
Italian President Sergio Mattarrella asked Draghi to become Prime Minister after the coalition government led by Giuseppe Conte collapsed last month.
After a week of talks with the main political parties including the Five Star Movement, Draghi has appointed prominent figures across his broad cabinet.
Luigi Di Maio, leader of the anti-establishment Five Star Movement remains as foreign minister while Giancarlo Giorgetti, a senior figure in the League party will be industry minister.
Former ECB boss Draghi also appointed the director general of the Bank of Italy, Daniele Franco, as economy minister while physicist Roberto Cingolani will head up Italy’s green transition.
Draghi will inherit the Covid-19 pandemic, which has left Italy with Europe’s second-highest death toll, after the UK.
On top of that, Italy has a debt load at almost 160 per cent of output.
He will likely be sworn in this weekend and unveil his policy plans as well as face confidence votes, although this is more of a formality given the strength of the cross-party support.