Before that, he served as the Chairman of the Financial Stability Board from 2009 to 2011 and Governor of the Bank of Italy from 2005 to 2011. Mr. Draghi has often urged eurozone governments to do more to improve their economic performance, for example by overhauling restrictive labor regulations. Draghi's term runs from 1 November 2011 to 31 October 2019. [33], In February 2012, Nobel prize laureate in economics Joseph Stiglitz argued that, on the issue of the impending Greek debt restructuring, the ECB's insistence that it has to be "voluntary" (as opposed to a default decreed by the Greek authorities) was a gift to the financial institutions that sold credit default insurance on that debt; a position that is unfair to the other parties, and constitutes a moral hazard. ), three-year loan program from the ECB to European banks. Faced with a slowing eurozone economy, the ECB has announced further measures to stimulate economic growth. Goldman Sachs conquers Europe", "Goldman Sachs - Press Releases - Professor Mario Draghi Joins Goldman Sachs", "Draghi Says He Knew Nothing About Goldman-Greece Deal", "German paper says Draghi's ECB chances diminishing", "Weber's Withdrawal Throws Open ECB Race as European Debt Crisis Persists", "Draghi can lead the eurozone out of danger", "Italian Gains Support in Central Bank Race", "Draghi Said to Be Seen by Sarkozy as Trichet's Successor", "Mario Draghi, bien parti pour prendre la présidence de la BCE", "Mario Draghi appointed as head of European Central Bank", "Draghi appointed ECB chief (intro-only without subscription)", "EU appoints Draghi to ECB, Bini Smaghi to leave", "EuroparlTV video: Interview: 'Mario Draghi didn't convince me' – Pascal Canfin, MEP", "Hearing of Mario Draghi nominated to take over the European Central Bank 14-06-2011", "Unlike Bernanke, Draghi doesn't aim to be hero", "What central banks provide, oil markets take away", "Here's how things look a year after Mario Draghi pledged 'whatever it takes' to save the euro (blog)", "MARIO DRAGHI: Zero hedge readers don't understand the Euro crisis", "Eurozone's Future Remains at Risk, Mario Draghi Warns", "Introductory statement to the press conference (with Q&A)", Ombudsmann assesses Draghi's membership in lobby organizations, Head of ECB criticised for his membership in the G30, "Monte dei Paschi: Affäre um älteste Bank der Welt erreicht Draghi", "Europa droht ein Währungskrieg (Europe at the verge of currency wars)", "Giacomo Draghi Said to Exit Morgan Stanley for Hedge Fund", "Il figlio di Mario Draghi lascia Morgan Stanley per un fondo hedge", "Le onorificenze della Repubblica Italiana", Draghi, Prof. Mario, "Cavaliere di Gran Croce ...", "Página Oficial da Presidência da República Portuguesa", "Laurea honoris causa al prof. Mario Draghi", "Celebrating new academic year 2018-2019", "Mario Draghi to be awarded Law Degree honoris causa from the University of Bologna - University of Bologna", http://press.vatican.va/content/salastampa/en/bollettino/pubblico/2020/07/10/200710a.html, "How ECB Chief Outflanked German Foe in Fight for Euro", EUROPE'S DEFLATION: IMAGINATIVE RISK AND FICTIONAL POLICIES, Mario Draghi - The World's 100 Most Influential People: 2012 - TIME, https://en.wikipedia.org/w/index.php?title=Mario_Draghi&oldid=990434259, MIT School of Humanities, Arts, and Social Sciences alumni, Trustees of the Institute for Advanced Study, Grand Crosses 1st class of the Order of Merit of the Federal Republic of Germany, Articles with short description added by PearBOT 5, Short description is different from Wikidata, Wikipedia articles with SUDOC identifiers, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, 2009 honorary distinction in Statistics (, 2010 honorary Master in Business administration (Vicenza, CUOA Foundation), 2013 honorary degree in Political Science (, This page was last edited on 24 November 2020, at 13:20. [10] After the revelation of off-market swaps used by Greece with the help of Goldman Sachs, he said he "knew nothing" about this deal and "had nothing to do with" it. 5. [49], Draghi is the father of Giacomo Draghi, an Italian financier. [42][43] For this reason, he is accused of having a conflict of interest as president of the ECB. Mario Draghi is an Italian economist, manager and banker who succeeded Jean-Claude Trichet as the President of the European Central Bank on 1 November 2011. Mario Draghi OMRI GColIH BVO (Italian pronunciation: [ˈmaːrjo ˈdraːɡi]; born 3 September 1947) is an Italian economist who served as President of the European Central Bank between 2011 and 2019. Failure of eurozone countries to harmonize their economies and create stronger institutions, he said, "puts at risk the long-term success of the monetary union when faced with an important shock." In 2014, Draghi was listed as the 8th most powerful person in the world by Forbes. Mario Draghi’s life path number is 6. Prima facie, it clearly involves complexities, both accounting-wise and legal-wise, for our view, but of course by this term "helicopter money" one may mean many different things, and so we have to see that. "Within the limits of our mandate, the ECB is prepared to do anything to save the euro. Draghi previously worked at Goldman Sachs from 2002 until 2005. At that time, "Draghi and all of his colleagues (the decision was unanimous) chose not to cut the price for private-sector loans [below the 1% achieved with the "repeal"], even when he forecasts inflation to fall below the targeted 2% later this year." 7. ... engineering, and technological education and research. One commentator, Matthew Lynn, saw the ECB's injection of funds, along with Quantitative easing from the US Fed and the Asset Purchase Facility at the Bank of England, as feeding increases in oil prices in 2011 and 2012. The Trichet-Draghi letter (also known as letter of ECB to Italy) is a confidential correspondence by which, on 5 August 2011, the former and current ECB presidents Jean-Claude Trichet and Mario Draghi addressed to Italian government several requests in order to influence European support to drastic measures of economic rebalancing. Discover the real story, facts, and details of Mario Draghi. [35], In July 2012, in the midst of renewed fears about sovereigns in the eurozone, Draghi stated in a panel discussion that the ECB "...is ready to do whatever it takes to preserve the euro. [2], Draghi was born in Rome. Mario is the first of three children: Andreina, art historian, and Marcello, entrepreneur. It has been a tumultuous tenure; among other things, he very clearly saved the euro from collapse in … These actions were necessary and bold — and met with harsh criticism of me and Mr Draghi. See Mario Draghi's compensation, career history, education, & memberships. [1] In May 2019, Paul Krugman described him as "[arguably] the greatest central banker of modern times". Education 1977 PhD in Economics, Massachusetts Institute of Technology (MIT) 1970 Degree in Economics, Sapienza University of Rome Professional career Since June 2013 Chair of the Group of … As Europe’s oldest university, it has been at the heart of education and learning in Europe for "Mario Draghi just announced more stimulus could come, which immediately dropped the Euro against the Dollar, making it unfairly easier for them to compete against the USA," Trump wrote on Twitter. 2. Navigate parenthood with the help of the Raising Curious Learners podcast. It's a very interesting concept that is now being discussed by academic economists and in various environments. Speech by Mr Mario Draghi, President of the European Central Bank, on the award of Laurea honoris causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree.... Help support true facts by becoming a member. He studied at the Massimiliano Massimo Institute[3] and graduated from La Sapienza University under the supervision of Federico Caffè with his thesis titled Integrazione economica e variazione dei tassi di cambio (English: Economic integration and variation of exchange rates). On 5 August 2011 he wrote, together with the immediate past governor of the ECB, Jean Claude Trichet, a letter to the Italian government to push for a series of economic measures that would soon be implemented in Italy. "[36] This statement led to a steady decline in bond yields (borrowing costs) for eurozone countries, in particular Spain, Italy and France. Draghi called for "massive investments" in young people and education. The trade-off rested on the notion that an increase in the money supply could boost aggregate demand and stimulate employment, while keeping inflation expectations well anchored… [17] However, in February 2011 the situation became further complicated when the main German candidate, Axel Weber, was reported to be no longer seeking the job, reviving the chances of the other candidates. [7] He is also a former board member of several banks and corporations (Eni, Istituto per la Ricostruzione Industriale,[8] Banca Nazionale del Lavoro and IMI). Mario is the first of three children: Andreina, art historian, and Marcello, entrepreneur. Mario Draghi’s term as president of the European Central Bank ends in October. We live-blogged Mario Draghi's presser and here's the recap. But it was unusual for him to suggest that the future of the eurozone could depend on whether countries heed his advice.[40]. [50][51], Istituto per la Ricostruzione Industriale, International Bank for Reconstruction and Development, Order of Merit of the Federal Republic of Germany, Libera Università Internazionale degli Studi Sociali Guido Carli, "I compagni di classe del nuovo Governatore", "What price the new democracy? He was born in the Year of the Pig. Mario’s next birthday is in . Speech by Mr Mario Draghi, President of the European Central Bank, on the award of Laurea honoris causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019. "[39], 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. Mario Draghi’s birth sign is Virgo. President Mario Draghi insisted that Europe’s economy needed more stimulus, help drive inflation and growth back up. * * * It is a great honour to be speaking here today at the University of Bologna. In October, Mario Draghi will step down from the presidency of the European Central Bank (ECB) after having successfully led that institution for the past seven years. He is also governor for Italy on the Boards of Governors of the International Bank for Reconstruction and Development and the Asian Development Bank.[12]. Mario Draghi … [22] Contrary to previous reports about France's position, on 25 April it was reported that President Nicolas Sarkozy saw Draghi as a full-fledged and an adequate candidate for the job. [27] Draghi began leading the Frankfurt-based institution when Trichet's non-renewable eight-year term expired on 31 October 2011. [25] He was approved by the European Parliament and the ECB itself[26] and on 24 June 2011 his appointment was confirmed by the European leaders. [41], Draghi is a member of the Group of Thirty founded by the Rockefeller Foundation. [19] A few days later The Economist wrote that "the next president of the world's second-most-important central bank should be Mario Draghi". As president of the European Central Bank (ECB), Mario Draghi has presided over an era of disintegrating faith in EU, notable in the 2016 Brexit vote. [23][24], On 17 May 2011 the Council of the European Union – sitting as Ecofin – adopted a recommendation on the nomination of Draghi as President of the ECB. [21] A few days later the German newspaper Bild endorsed Draghi by defining him the "most German of all remaining candidates". 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