Why Italy can't let Mario Draghi go

Just 17 years ago, Italy was dubbed “the sick man of Europe.” Its economy was weak and its politics fractious. In 2020, it was the most affected country in Europe by the pandemic. By last September, however, The Economist magazine named Italy as “the country of the year.”

Since early 2021, Europe’s third-largest economy has enjoyed a broad governing coalition that is highly consensual. This has led to rapid economic growth – faster than any other in Europe. Deep reforms have begun to inspire more young people not to emigrate.

Much of the credit for this turnaround has been given to Mario Draghi, a U.S.-trained economist who was appointed prime minister last February when Italy faced a political crisis. Italians have welcomed his qualities of leadership as the country begins to receive $243 billion from the European Union in pandemic-related recovery aid. The EU itself holds great trust in him as he once led the eurozone’s central bank.

Mr. Draghi’s style is to listen to all sides, ask questions, and offer innovative solutions. He also largely keeps his political views to himself, encouraging others to find common ground. Perhaps most of all, he is respected for his humility.

“My personal destiny matters absolutely not at all,” Mr. Draghi said last month. “I don’t have particular aspirations of one type or another. I’m a man, a nonno [grandfather] if you like, at the service of institutions.”

Now Italians are debating if they can operate without him. On Monday, more than 1,000 elected leaders and special representatives began a series of votes to elect a new president. The position is largely ceremonial but has become increasingly influential. For many, Mr. Draghi is a perfect candidate to serve a seven-year presidential term. Yet others worry that politics will revert to dysfunction if he is no longer prime minister.

True to his style of trust-building, he is not worried. “We have created conditions so that work on the [reforms] can continue,” he said. “The government has created these conditions, independent of who will be [in command]. People are always important, but ... it’s also important that the government is supported by the majority” in Parliament.

Respect for Mr. Draghi began in 2012 when, as head of the eurozone’s central bank, he saved the faltering euro currency. He fulfilled a promise to do “whatever it takes” to stabilize financial markets. More of a civil servant than a politician, he has now set a model for a stable party system in Italy. It is up to Italians to absorb what it takes to keep it that way.