Italy’s new central banker
Mr Draghi’s appointment represents a break with tradition, in that previous governors have tended to rise to the top from within the Bank of Italy, whereas Mr Draghi has spent the past four years at Goldman Sachs, the investment bank.
His commitment to open financial markets with proper rules was demonstrated during his 10 years at the treasury, when he was responsible for a measure known as the Draghi law, passed in 1998.
The law was designed to improve Italian corporate governance by strengthening the rights of minority shareholders and requiring more transparent company reports.
Mr. Draghi, 58, is a vocal advocate of tearing down remaining national barriers to competition in the European Union’s single market. His move to one of Europe’s most influential financial posts is likely to lead to more liberal policies toward foreign acquisitions.
As chief of the central bank, Mr. Draghi is expected to make it easier for foreign banks to buy Italian banks, which could increase competition, lower bank fees and benefit consumers and businesses.
Mr. Draghi earned a Ph.D. in economics from the Massachusetts Institute of Technology, has worked at the World Bank and was a professor at the University of Florence during most of the 1980’s. But he made his reputation as a top manager when he served as director general of the Italian Treasury for a decade beginning in 1991 – demonstrating a knack for political impartiality as he served under 10 governments.
At the Italian Treasury, he was responsible for the enormous task of privatizing billions of euros of government stakes in Italian companies. The job was critical to getting Italy’s finances in shape so it would qualify to give up the lira and adopt the euro in 1999.
Since 2002, Mr. Draghi has been in the private sector, based in London for Goldman Sachs. He was charged with drumming up business with major European corporations, and with governments across the globe.
Mario Draghi, a London-based Goldman Sachs executive and committed liberaliser, was named last night as Italy’s new central bank governor in a move that promised to open up the country’s antiquated banking sector.
Mr Draghi, 58, is a former treasury official who masterminded a wave of privatisations in the 1990s. In contrast to Mr Fazio, Mr Draghi is an energetic critic of closed markets.
Considéré comme l’homme des grandes privatisations menées en Italie de 1996 à 2001, c’est lui qui, lors de l’arrivée de l’euro, a su faire tomber les dernières réticences envers son pays. La première tâche de Mario Draghi sera celle de restituer la crédibilité de l’institution et celle de la place financière italienne.
Categorie:somewhere in italy