After working as an economist, Draghi worked for theWorld Bank in Washington, D.C., throughout the 1980s, and in 1991 returned toRome to becomedirector general of the Italian Treasury. He left that role after a decade to joinGoldman Sachs, where he remained until his appointment as governor of the Bank of Italy in 2006. His tenure as Governor coincided with the2008 Great Recession, and in the midst of this he was selected to become the first chair of theFinancial Stability Board, the global standard-setter that replaced theFinancial Stability Forum.
He left those roles after his nomination by theEuropean Council in 2011 to serve as president of the ECB. He presided over the institution during theEurozone crisis, becoming famous throughout Europe for saying that he would be prepared to do "whatever it takes" to prevent theeuro from failing.[5][6] In 2014, Draghi was listed byForbes as the eighth-most powerful person in the world. In 2015,Fortune magazine ranked him as the world's "second greatest leader".[7] He is also the only Italian to be listed three times in theTime 100 annuallisticle.[8] In 2019,Paul Krugman described him as "the greatestcentral banker of modern times."[9] Moreover, thanks to his monetary policies, he is widely considered the "saviour of the euro" during theEuro area crisis.[10][11][12] He has been nicknamedSuper Mario by some media, a nickname that was popularised during his time as president of the ECB, when he was credited by numerous sources as having played a key role in combatting theEurozone crisis.[13][14]
After Draghi's term as ECB President ended in 2019, he initially returned to private life. On 3 February 2021, in the midst of theCOVID-19 pandemic in Italy, Draghi was invited by PresidentSergio Mattarella to form agovernment of national unity (Draghi Cabinet), followingthe resignation ofGiuseppe Conte.[15][16][17] After successful negotiations with parties including theLeague (Lega - Salvini Premier), theFive Star Movement (M5S), theDemocratic Party (PD), andForza Italia (FI), Draghi was sworn in as prime minister on 11 February,[18] pledging to oversee effective implementation of COVID-19 economic stimulus.[19] Draghi was rated highly in public opinion polls in Italy during his time as prime minister; at the end of his first year in officePolitico Europe ranked him as the most powerful person in Europe andThe Economist named Italy as "Country of the Year", singling out Draghi's leadership as central to its nomination.[20][21]
On 14 July 2022, the M5S revoked support to Draghi's coalition government regarding adecree concerning economic stimulus to offset the energy crisis. On the same day, despite having won aconfidence vote, Draghi announced his resignation as prime minister, which was rejected by President Mattarella.[22] On 21 July, Draghi resigned for a second time following the failure of a confidence vote to pass with anabsolute majority due to the withdrawals of M5S, Lega, and FI. On the same day, President Mattarella accepted the resignation and Draghi remained in office as caretaker prime minister.[23][24] He was succeeded byGiorgia Meloni on 22 October 2022.[25][26]
In 1991, Minister of TreasuryGuido Carli and Bank of Italy GovernorCarlo Azeglio Ciampi appointed Draghi as director general of theItalian Treasury; Draghi held this senior position in the civil service until 2001.[37] During his time at the Treasury, he chaired the committee that revised Italian corporate and financial legislation, and drafted the law that continues to govern Italian financial markets.[38] Draghi was also among the main proponents of theprivatisations of many state-owned companies which occurred in the Italian economy through the 1990s. He also chaired the management committee ofSACE, implementing a complete reformation of the group and managing the transition from theMani Pulite corruption scandal. Draghi returned to chair SACE between 1998 and 2001, before the subsequent privatisation. During these years, he was also a board member of several Italian banks and corporations, likeEni,Institute for Industrial Reconstruction,Banca Nazionale del Lavoro and Istituto Mobiliare Italiano.[39][40]
In 2001, he left the Treasury to become a fellow of the Institute of Politics at theJohn F. Kennedy School of Government atHarvard University.[41] Draghi was also appointed as vice chairman and managing director ofGoldman Sachs International in 2002. He was also made a member of the firm's management committee, holding all of these roles until 2005.[42] He led Goldman Sachs's European strategy and its engagements with major European corporations and governments.[43] After the revelation that off-market swaps had been systematically used by theGreek Government, facilitated by Goldman Sachs, Draghi stated that he "knew nothing" about the arrangement, and "had nothing to do with it".[44] During this period, Draghi also worked as atrustee at theInstitute for Advanced Study inPrinceton, New Jersey, and also spent time as an honorary trustee at theBrookings Institution in Washington, D.C.[38]
In December 2005, it was announced that Draghi would becomegovernor of the Bank of Italy.[45] He officially took up the position on 16 January 2006. In April 2006, he was elected by fellow central bank governors to become chairman of theFinancial Stability Forum; this body would later be re-organised to become theFinancial Stability Board in April 2009 on behalf of theG20, bringing together representatives of governments, central banks and national supervisors institutions in the wake of thefinancial crisis.[46] As the inaugural FSB chairman, Draghi was responsible to the G20 leaders, and worked to promote international financial stability during theEuro area crisis, improve the functioning of markets and reduce systemic risk through information exchange and international cooperation between supervisors.
Draghi had for years been mentioned as a possible successor toJean-Claude Trichet, whose term as president of theEuropean Central Bank was due to end in October 2011.[49] On 13 February 2011, Wolfgang Münchau, associate editor of theFinancial Times, endorsed Draghi as the best candidate for the position.[50] A few days later,The Economist wrote that "the next president of the world's second-most-important central bank should be Mario Draghi".[51] Draghi subsequently won the support of Italian prime ministerSilvio Berlusconi for the position, who expressed a desire to see an Italian take the pre-eminent economic policymaking role within theEuropean Union.[52] On 17 May 2011, theCouncil of the European Union recommended the nomination of Draghi as President of the ECB.[53] Draghi's nomination was later approved by theEuropean Parliament and the ECB itself, and on 24 June 2011 his appointment was signed-off by EU leaders.[54][55] During the nomination process, some concerns were raised about Draghi's past employment atGoldman Sachs.[42][56] As a member of theGroup of Thirty, founded by theRockefeller Foundation, he was accused inDer Spiegel,Tagesschau.de andDie Welt of having a conflict of interest as president of the ECB.[57][58] Draghi moved toFrankfurt and formally took up the role of ECB President on 1 November 2011, the day after Trichet's term expired.[59]
In December 2011, Draghi brokered a €489 billion three-year loan program from the ECB to EU banks. Draghi's ECB also promptly repealed the final two interest rate hikes of Trichet's term, stating this would ease theEuro area crisis. In February 2012, Nobel Prize laureate in economics,Joseph Stiglitz argued that on the issue of the impendingGreek government-debt crisis, the ECB's insistence that it should be "voluntary", as opposed to a default agreed by Greek authorities, would be "a gift" to the financial institutions that sold credit default insurance on that debt, a position Stiglitz argued was amoral hazard.[60] In March 2012, a second, larger round of ECB loans to EU banks was initiated, this time called theLong-Term Refinancing Operation (LTRO). One commentator,Matthew Lynn, saw the ECB's injection of funds, along withquantitative easing from the USFederal Reserve and theBank of England, as feeding increases inoil prices in2011 and2012.[61]
In July 2012, in the midst of renewed fears about sovereigns in the eurozone, Draghi stated in a panel discussion that, under his leadership, the ECB "is ready to dowhatever it takes to preserve the euro. And believe me, it will be enough."[62] This statement was heavily reported throughout the EU and the world's financial markets, and initially led to a steady decline in bond yields (borrowing costs) for eurozone countries, in particular Spain, Italy and France. In light of what had been slow political progress on solving the eurozone crisis, Draghi's statement has come to be seen subsequently as the major turning point in the fortunes of the eurozone, with numerous policymakers and commentators describing it as having been essential to the continuation of the euro currency.[63][64]
Draghi has since come to be prominently associated with the phrase "whatever it takes". Beginning in 2013, Draghi was criticised in the context of the scandals rising around the bankBanca Monte dei Paschi di Siena,[65] which according to at least one German publication was making very risky deals.[66]
In April 2013, Draghi said in response to a question regarding membership of the eurozone, "These questions are formulated by people who vastly underestimate what the euro means for the Europeans, for the euro area. They vastly underestimate the political capital that has been invested in the euro."[67] In 2015, in an appearance before the European Parliament, Draghi said that the future of the eurozone was at risk unless member countries gave up some independence and created more Pan-European government institutions. "We have not yet reached the stage of a genuine monetary union," Draghi said. Failure of eurozone countries to harmonise their economies and create stronger institutions would, he said, "put at risk the long-term success of the monetary union when faced with an important shock."[68] In 2015, Draghi said that his political ideas belong toliberal socialism.[69]
Between December 2020 and January 2021, tensions arose within Italy's ruling coalition, with Prime MinisterGiuseppe Conte and former prime ministerMatteo Renzi taking contrary positions on the management of theCOVID-19 pandemic in Italy as well as its deep economic consequences.[71] On 13 January, Renzi announced the resignation of the two Cabinet Ministers from his party,Italia Viva, triggering the collapse of thesecond Conte Government.[72] On 26 January, after days of inconclusive negotiations with political parties, Conte tendered his resignation as prime minister to President Mattarella.[73]
On 2 February 2021, following failed consultations between parties to nominate a replacement, President Mattarella announced he would summon Draghi to theQuirinal Palace, with the intention of giving him the task of forming atechnocratic government.[74][75][76] The following day, Draghi accepted the task of forming a new government and began consultations with party leaders.[77] Draghi quickly secured the support of the centre-leftDemocratic Party (PD), the centristItalia Viva (IV), the left-wingFree and Equal (LeU), and other small liberal and centrist parties.[78] After an initial delay,Matteo Salvini, leader of the right-wingLeague, andSilvio Berlusconi, leader of the centre-rightForza Italia, jointly announced they too would support Draghi.[79] Finally, on 11 February, the membership of theFive Star Movement (M5S) approved the party's support for Draghi, with 59.3% of party members voting in favour of joining the new government.[80]
Draghi and his Cabinet at the Quirinal Palace after the oath of office
On 12 February, Draghi unveiled the members ofhis Cabinet, which included representatives from all of the above political parties, including 9 ministers from the outgoing cabinet, as well as independent technocrats.[81] The following day, Draghi was sworn in as prime minister. Draghi's cabinet was described as anational unity government in the wake of its announcement.[82][83][84]
On 17 February, Draghi won a confidence vote in theSenate, with 262 votes in favour, 40 against and 2 abstentions.[85] On the following day, he won a further confidence vote in theChamber of Deputies with 535 votes in favour, 56 against and 5 abstentions; this margin represented one of the largest ever majorities in the history of the Italian Republic.[86] During his first speech as prime minister to both houses of theItalian Parliament, Draghi stated that the Italy that emerged after theCOVID-19 pandemic would have to undergo a period of reconstruction similar topost-World War II Italy, and that it would be his government's responsibility to begin this process.[87] He also stressed that his government would adopt a strongly pro-European position, and emphasised the importance of Italy remaining within theEurosystem.[88][89][90][91]
On 13 May, it was announced that Draghi would forgo his annual salary of €115,000 for being prime minister.[92]
Addressing the nation shortly after becoming prime minister, Draghi stated that it would be his government's priority to plan a route out of theCOVID-19 pandemic, and pledged to reorganise the country's pandemic response units; on 27 February, Draghi replaced the Head of theCivil Protection,Angelo Borrelli, withFabrizio Curcio, and on 1 March, he replaced the Extraordinary Commissioner for the COVID-19 Emergency,Domenico Arcuri, with theArmy GeneralFrancesco Paolo Figliuolo, who received the additional mandate of reorganising and implementing thevaccination campaign.[93] Borrelli and Arcuri had both been considered close to former prime minister Giuseppe Conte.[94][95]
Following discussions with European Commission PresidentUrsula von der Leyen, Draghi announced that he had agreed to ensure vaccines produced in Italy were prioritised for distribution to the population of theEuropean Union.[96] On the following day, Draghi made international headlines by authorising the blocking of a shipment of 250,000Oxford–AstraZeneca vaccines that were originally intended to travel to Australia.[97] This led to harsh criticism by Australian prime ministerScott Morrison and British prime ministerBoris Johnson.[98][99] Conversely, Draghi's decision was praised by other European leaders, such as French PresidentEmmanuel Macron.[100] In mid-March, the Italian Government announced it would pause the rollout of the Oxford-AstraZeneca vaccine, after reports that some Italians treated with it had developed blood clots, although no death cases have been reported directly due to the vaccine.[101] On 16 March 2021, Draghi had a phone call with the French President Macron concerning the suspension of the AstraZeneca vaccine and of the eventual decisions of theEuropean Medicines Agency that will take a definitive decision on 18 March 2021.[102]
On 15 March 2021, Draghi placed the majority of Italy under so-called 'full lockdown' conditions, with non-essential businesses closing and travel restricted, in response to an increase in the transmission of COVID-19, although unlike the 2020 lockdown, factories and some other workplaces were allowed to remain open. Announcing the lockdown, Draghi vowed that Italy would see its vaccination programme triple in April, reaching 500,000 people per day by that time.[103] Around this time, Draghi's approval rating as prime minister reached a new high of 63% in opinion polls.[104]
On 16 April, during a press conference with his health ministerRoberto Speranza, Draghi announced that restrictions will be eased from 26 April, allowing the reopening of bars and restaurants, stating that "it is possible to look to the future with prudent optimism and confidence".[105]
From the summer of 2021 to 2022, Italy had greatly suffered from the highly transmissibleDeltacron hybrid variant that is combined with Delta and Omicron variant, also known as the recombination event, for example: In June 2021, COVID-19 Delta variant has caused a surge in COVID-19 cases, hospitalizations, and deaths in Italy, especially among all of those who are unvaccinated or fully vaccinated.[106][107][108] To contain the spread of new variants, in August of the same year, Italian government extended the requirement of theEU Digital COVID Certificate, also known as "Green Pass", to the participation in sports events and music festivals, but also to the access to indoor places like bars, restaurants, and gyms, as well as to long-distance public transportation.[109] On 15 October of the same year, Italy became the first country in the world to established both mandatoryCOVID-19 vaccination certificate and/ornegative test, for the entire work force, public, and private.[110] On 24 November of the same year, Draghi announced the introduction of COVID-19 vaccination certificate for all the recreational activities, like cinemas, bars, restaurants, and sport games; thus, eliminating the possibility of attending one of these activities with a negative test only.[111] On 27 November 2021,COVID-19 Omicron variant has arrived in Italy. However, as the country became widespread, Italy has now causing a massive increase in cases, hospitalizations, and deaths. On 5 January 2022, amid the spread of COVID-19 Deltacron hybrid variant, Italian government introducedcompulsory vaccination for all Italian citizens above the age of 50.[112][113]
Mario Draghi and Sergio Mattarella on 3 February 2022
In July and August, Draghi led the process to overhaul Italy's criminal and civil justice system, with an aim of reducing the time taken to resolve cases. Among other things, the reform package abolished one of the two levels of appeal applied to most cases in the Italian judiciary. The reforms had long been argued for by several political parties, on the basis that the slow legal system disincentivised external investment into Italy.[114] On 3 August 2021, the package of reforms passed the Italian Parliament after Draghi announced that he would consider the vote a question of confidence in his government.[114] Draghi also announced that the passage of judicial overhaul would be linked to the allocation of €200bn in post-pandemic stimulus funds from theEuropean Union. The judicial overhaul represented the first successful reform package of the Italian justice system in several decades.[115]
In October 2021, the Draghi Government passed itsbudget for 2022. The budget modified the pension reform approved by the Conte Government, known asQuota 100, which enabled retirement at age 62 with 38 years of contributions, introducing instead the so-calledQuota 102 (which allows retirement at age 64 with 38 years of contributions).[116] Italian trade unions opposed the reform and organised a general strike in protest in late November and early December 2021.[117] The Draghi government's budget also modified thecitizens' income, a universal basic income introduced by Conte. The new income introduces a gradual decline in the allowance after six months and its revocation after two rejected job offers.[118]
On 30 December 2021, Draghi oversaw passage of an additional budget proposal, including an overhaul of the Italian taxation system, the introduction of a new series of tax credits and wide-ranging company tax cuts, subsidies for firms that hire young people and new mothers, subsidised mortgages for people buying their first property, and a fund set aside in order to mitigate rising energy prices.[119] At the end of 2021, theEconomist magazine named Italy as its 'Country of the Year', awarded each year to the country judged to have made the most improvement over the course of one year. The magazine singled out Draghi's leadership as central to the decision.[21]
In the2022 presidential election, Draghi was widely seen as a probable successor of incumbent presidentSergio Mattarella. However, on 29 January 2022, Draghi publicly supported the re-election of Mattarella as president, ending media speculation that he himself could succeed Mattarella, and pledged to oversee an overhaul of Italian competition law and public procurement policy in the following six months, with a view to increase the performance of the economy.[120]
On 18 February 2022, amid theglobal energy crisis, the Draghi Government approved a package of €8bn euro to support the economy, heavily affected by the rise of energy costs.[121]
Mario Draghi with the U.S. PresidentJoe Biden in October 2021 in Rome
Since the beginning of his premiership, Draghi implemented an active foreign policy focused on theMediterranean Sea, North Africa and the Middle East in order to increase Italy's influence over the area.[122][123] On 6 April 2021, Draghi visitedLibya, in hisfirst international trip, during which he met Prime MinisterAbdul Hamid Dbeibeh, saying he wanted to strengthen ties with the African country, a former colony of Italy.[124] The trip was described as an attempt to reduce the Turkish and Egyptian influences over Libya, following the aftermath of thecivil war.[125] Days later, Draghi publicly labelled Turkish PresidentRecep Tayyip Erdoğan as a "dictator", harshly criticising him for his behaviour after a meeting with European leadersUrsula von der Leyen andCharles Michel, during which, according to Draghi, he "humiliated President von der Leyen".[126][127] The statement caused immediate reactions from the Turkish government. Turkey's foreign ministerMevlüt Çavuşoğlu summoned Italian ambassador and described Draghi's words as an "unacceptable populist rhetoric", while many other prominent members of Erdoğan's cabinet strongly attacked Draghi.[128][129] However, Draghi was backed by several European leaders, including the head of theEuropean People's Party,Manfred Weber.[130] On 14 April, Erdoğan accused Draghi of being an "appointed and unelected Prime Minister", describing his statement as "rude and impertinent".[131][132]
In June 2021, Draghi attended his firstG7 summit inCornwall in the United Kingdom. During the meeting, Draghi led discussions on strategy for avoiding adverse market reactions to stimulus spending.[133] During the summit, Draghi held a bilateral meeting with U.S. PresidentJoe Biden.[134] Draghi praised Biden, saying he had improved relations between the European Union and the United States.[135]
On 30 and 31 October 2021, Rome hosted the annualG20 summit. Draghi and the other leaders mainly discussed climate change, COVID-19 pandemic and post-pandemic global recovery in health, economic and political terms. The only leaders who did not attend the G20 were theChinese leaderXi Jinping and the Russian PresidentVladimir Putin.[139]
On 26 November 2021, Draghi signed the "Quirinal Treaty", with the French presidentEmmanuel Macron, at theQuirinal Palace, in Rome.[140] The treaty is aimed to promote the convergence and coordination of French and Italian positions in matters of European and foreign policies, security and defence, migration policy, economy, education, research, culture and cross-border cooperation.[141]
Under Draghi's premiership, a new approach toward Russia was implemented; the new Italian foreign policies was described by theFinancial Times as "one of the biggest foreign policy shifts in years".[142] On 24 February 2022,Russia invaded Ukraine; Draghi harshly condemned Russia's attack, calling for an immediate ceasefire and promising "whatever it takes to restore Ukrainian sovereignty".[143] He added that it was "impossible to have meaningful dialogue with Moscow", demanding Russia to unconditionally pull its forces back to the internationally established borders.[144] Despite initial reluctance, on 26 February, during a phone call with Ukrainian PresidentVolodymyr Zelenskyy, Draghi agreed to support the exclusion of Russia from theSWIFT network, the international financial transactions system.[145] On 22 March, Draghi broke with other European leaders when he publicly supported the application of Ukraine to join theEuropean Union.[146] Draghi was also among the main proponents of the freezing of a large part ofRussian Central Bank's 643 billion dollars of foreign currency reserves.[147]
As of May 2022, the Italian government allocated 500 million euros to support Ukrainians arriving in Italy and 110 million in financial assistance for the Ukrainian government.[148] Moreover, Italy sent also military equipment to Ukraine.[149] On 3 May 2022, Draghi addressed theEuropean Parliament dealing with several themes. According to Draghi, the EU needed to embrace "pragmaticfederalism" in multiple policy sectors, like security, economy and defence.[150]
On 16 June 2022, Draghi visitedKyiv alongside French PresidentEmmanuel Macron and German ChancellorOlaf Scholz. The three leaders had a long meeting with Ukraine's PresidentVolodymyr Zelenskyy to discuss various issues such as Ukraine's application to be an EU member and theongoing Russian war in Ukraine.[151][152] The trip was considered "historic" by various commentators.[153]
Draghi arriving at theQuirinal Palace on 22 July 2022 to resign
On 13 July 2022, after months of tensions regarding economic policies implemented by the government as well as the military response to the war in Ukraine,Giuseppe Conte, leader of theFive Star Movement (M5S) and former prime minister, revoked the support to the government on the so-calleddecreto aiuti (English:decree on economic aid), concerning economic stimulus to contrast the ongoing economic and energy crisis, opening apolitical crisis within the majority.[154] On the following day, the Senate approved the decree with 172 votes, but the M5S abstained, leaving the Senate floor.[155] After a few hours, following a meeting with president Mattarella, Draghi officially announced his resignation as prime minister,[156] stating that "the pact of trust and confidence underlying the government action had failed."[157] However, the resignation was rejected by Mattarella, who invited Draghi to explain the political situation to the Parliament on 20 July.[158]
On 20 July, Draghi held a speech in front of the Senate, harshly condemning the positions that M5S and Lega held during the last months of the cabinet.[159] In the evening, the government failed to reach the absolute majority in the confidence vote as Lega, FI and M5S decided not to take part in the ballot,de facto causing the fall of the government.[160][161] On the following day, after a speech in front of the Chamber of Deputies, Draghi officially resigned as prime minister.[162] Mattarella accepted his resignation, but Draghi remained in office as caretaker prime minister, until the formation of a new government following the2022 general election.[163][164]
From 2023 to 2024, Mario Draghi wrote theDraghi report on European competitiveness. Published in September 2024, the nearly 400-page document set out 383 recommendations aimed at reversing Europe's declining productivity and closing the competitiveness gap with the United States and China.[165] Its proposals ranged from large-scale joint borrowing and industrial policy coordination to major investments in energy infrastructure, digitalisation, and health innovation. Draghi warned that without decisive action the EU risked "slow agony" and an inexorable loss of prosperity, equality, and security.[166]
On 18 February 2025, during the European Parliamentary Week inBrussels, he delivered a keynote address. He emphasized the necessity for the European Union to act cohesively and swiftly in response to current challenges, stating that the EU must operate "more and more as if we were one state." Draghi highlighted issues such as energy market reforms, the importance of innovation, and the need to reduce internal barriers to enhance competitiveness. He concluded by urging national governments, parliaments, and European institutions to collaborate closely to provide hope and effective solutions for European citizens during this critical period.[citation needed]
One year after publication, independent assessments suggested limited progress. In September 2025, theEuropean Policy Innovation Council (EPIC) launched the Draghi Observatory & Implementation Index to track delivery of the recommendations. Its first audit found that only 11.2% of the proposals had been fully implemented, with most either partially completed or still pending.[167][168]
Draghi and his wife Serena Cappello withJill andJoe Biden
In 1973, Mario Draghi married Maria Serenella Cappello, of noble origins and descendant ofBianca Cappello, and an expert inEnglish literature,[169][170] with whom he has two children: Federica, who worked as investment director of Genextra Spa and board member of Italian Angels for Biotechis, and Giacomo, a finance analyst, who worked as aninterest-rate derivative trader at investment bankMorgan Stanley until 2017, and is now at theLMR Partnershedge fund.[171][172]
^Stiglitz, Joseph (6 February 2012)."Capturing the ECB".project-syndicate.org. Project Syndicate.Archived from the original on 12 February 2012. Retrieved14 February 2012.In fact, the ECB may be putting the interests of the few banks that have written credit-default swaps before those of Greece, Europe's taxpayers, and creditors who acted prudently and bought insurance.
^David A. Dieterle (2017)."Draghi, Mario".Economics: The Definitive Encyclopedia from Theory to Practice. Vol. 4. ABC-CLIO. p. 88.ISBN978-1-4408-4747-9.Archived from the original on 21 July 2022. Retrieved16 November 2020.
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