Newly sworn-in prime minister Mario Draghi (R) with President Sergio Mattarella
Credit: Guglielmo Mangiapane/AP
Banker and economist “Super” Mario Draghi was sworn in as Italy’s new prime minister at the head of a broad coalition on Saturday amid questions over how he will be able to manage such a disparate collection of parties with competing priorities.
Almost every political party decided to pile into Italy’s 67th government since the Second World War, from the hard-Right League and Silvio Berlusconi’s centre-Right Forza Italia to the centre-Left Democrats and the Five Star Movement, a party which whose MPs cannot even agree with each other let alone with opposing blocs.
Mr Draghi, 73, is being hailed by many Italians as the saviour of the country at a time when the pandemic has claimed 93,000 lives – the second highest number in Europe after Britain – and the economy is in freefall, with GDP shrinking by nearly 9% last year.
On social media he is being depicted as a medieval saint dressed in robes, the EU flag a halo around his head, his right hand raised in blessing and his heart represented by a euro symbol.
Trending on Twitter was the hashtag #draghisantosubito, a tongue-in-cheek appeal for him to be swiftly canonised as a saint (“santo subito”) by the Pope.
Street art in Rome depicts the political crisis which ended in the collapse of the coalition led by Giuseppe Conte (centre)
Credit: Nick Squires
Much was made of the fact that his surname is the plural of the word drago or dragon – he was portrayed as a dragon-slaying knight or Dungeons and Dragon warrior. He earned the nickname “Super Mario” after vowing to do “whatever it takes” as head of the ECB to save the euro during the sovereign debt crisis.
Polls show that more than 60% of Italians are in favour of him becoming prime minister. But the unwieldy nature of his coalition is already raising questions about how long he can survive as prime minister.
He is likely to enjoy a honeymoon period of several months in which the parties will rally behind his efforts to speed up Italy’s stalled vaccination programme, tackle the obstinately high number of infections and deaths, and decide how to spend more than €200 billion in recovery funds promised by the EU. Plans have to be presented to the European Commission by April.
After that, internal divisions could “explode”, said Francesco Galietti, an analyst from political consultancy Policy Sonar. “I think that at the beginning, instead of trying to untie the Gordian knot he will simply cut it in two. He will use his halo of invincibility. The real question is how long will the halo last? I think he has a year.”
He will push policies that will likely have the consensus of most elements of the coalition. “I don’t think he will dedicate his time to dismantling the achievements of the last government. His goal is not to disrupt or embarrass the previous coalition,” Mr Galietti told The Telegraph.
As a former head of the European Central Bank, Mr Draghi commands great respect and is widely seen as a safe pair of hands to lead the country at a time of acute crisis. But even that standing may not last in the maelstrom of Italian politics. “Dragons spit fire, but they are not necessarily fire-proof,” said Mr Galietti. “Politics moves in cycles: honeymoon, plateau, decline. Not even Draghi can defy this law.”
Many analysts say a year in office might suit the former Goldman Sachs banker very nicely. After that he could make a bid to become president of Italy, once the incumbent, Sergio Mattarella, steps down at the end of his mandate next January.
The Jesuit-educated Mr Draghi named his cabinet after meeting President Mattarella on Friday evening. It is a mix of politicians and technocrats, 15 men and eight women.
Mara Carfagna, a former model, was made minister for the south
Credit: AP
They include Mara Carfagna, a former glamour model who switched to politics under the mentorship of Mr Berlusconi a decade ago. She was made minister for southern Italy.
Also in the new administration is Giancarlo Giorgetti, a close confidante of Matteo Salvini, the leader of the League. Luigi Di Maio from the Five Star Movement remains as foreign minister.
The only party not to take part in the coalition is Brothers of Italy, the heirs to Italy’s fascist movement. They derided the new administration as a “minestrone” mish-mash of political forces. “To be useful to Italy it is not necessary to take part in a minestrone government along with the Democratic Party, Five Star and (Matteo) Renzi. Brothers of Italy will remain in opposition,” said Giovanni Donzelli, an MP from the far-Right party.
Mr Draghi, a former Bank of Italy governor, was asked to form a government after weeks of political turmoil led to the downfall last month of the previous coalition, led by former law professor Giuseppe Conte.
Draghi “has a lot going for him. The new government will benefit from record-low borrowing costs and large-scale EU financing,” said Federico Santi from the Eurasia Group risk consultancy. “He enjoys unparalleled stature and cross-partisan support in Italy, reflected in the near unanimous support he received.”
And he has a huge majority in parliament – for now. “While this majority is far from cohesive and may erode over time, it means Draghi will initially have a lot of latitude and will be less beholden to the whims of individual parties than his predecessors,” said Mr Santi.
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