Who is Mario Draghi - Italy's new PM: Biography, Profile, Career, Family and Personal Life
Who is Mario Draghi - Italy's new PM: Biography, Profile, Career, Family and Personal Life

Mario Draghi took the job after the collapse of the previous government led by Giuseppe Conte, which fell after a junior ally left the coalition. His 23-member cabinet was sworn in at the Quirinal presidential palace at noon on Saturday. The new cabinet, made of both technical and political figures, is now formally in charge, although it still has to face the necessary vote of confidence in both houses of the parliament.

Who is Mario Draghi, Italy's new PM

Mario Draghi is an Italian economist who has served as President of the European Central Bank since November 2011. He has served as Chairman of the Financial Stability Board from 2009 to 2011 and Governor of the Bank of Italy from 2005 to 2011.

Draghi previously worked at Goldman Sachs from 2002 until 2005 before becoming the governor of the Bank of Italy in December 2005, where he served until October 2011. In 2014 Draghi was listed as the 8th most powerful person in the world by Forbes. In 2015 Fortune magazine ranked him as the world's second greatest leader.

Mario Draghi is the Chief Banker of the European Union. He is President of the European Central Bank and it is his job to maintain financial unity and prosperity in all the countries of the Eurozone. Draghi is an influential banker and economist and has been ranked by Forbes magazine as the 9th most powerful person in the world (for 2013).

Mario Draghi Family and Early Life

Parents of Mario Draghi: Draghi, 73, was born in 1947 in a wealthy family in Rome, with his father working for the Bank of Italy (central bank). His father Carlo joined Banca d'Italia in 1922, later IRI and in the end Banca Nazionale del Lavoro. His mother, Gilda Mancini was a pharmacist.

Siblings: Mario has two younger siblings: Marcello, entrepreneur, and Andreina, art historian. Mario is the first of three children: Andreina, art historian, and Marcello, entrepreneur.

Marriage & Wife and Children of Mario Draghi

Mario married to Serena Draghi and has two children, Giacomo Draghi and Federica Draghi. He lives a reserved family life with his grandfather.

He is rarely seen on Rome’s social scene with the other political and business elite.

Who is Mario Draghi - Italy's new PM: Biography, Profile, Career, Family and Personal Life
Mario married to Serena Draghi

Mario Draghi Education and Career

After graduating in Economics from the Sapienza University in Rome, Draghi received a Ph.D. in Economics from the Massachusetts Institute of Technology (MIT) in the United States in 1976.

He taught in various universities in Italy and worked for the World Bank in the 1980s. He was then appointed Director-General of the Italian Treasury from 1991 to 2001.

In this role, his efforts to reduce Italy's huge public debt -- thus stabilizing interest rates and currency exchange rates -- proved crucial for making the Italian economy ready to enter the European monetary union in 1999.

After working with private banking and investment company Goldman Sachs in the early 2000s, Draghi was Governor of the Bank of Italy from January 2006 to October 2011.

*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.

*He has worked to promote growth in the Eurozone through an aggressive course of quantitative easing, and has championed negative interest rates.

*In October 2017 ECB announced it will to cut the bond buying program to 30 billion euros per month from 60 billion.

*Prior to becoming President of ECB, Draghi worked at the World Bank, followed by a stint at Goldman Sachs and six years as Governor of Italy.

*He earned his nickname "Super Mario," for his heroic ability to navigate European politics.

Who is Mario Draghi - Italy's new PM: Biography, Profile, Career, Family and Personal Life
Mario is a fastidious dresser who buys every shirt from same tailor and is never seen in public with a coat on his black, tailor-made suits

Again, he adopted a strict monetary policy to help the country keep pace with the challenges and changes attached to the euro currency project.

In November 2011 -- at the heights of the European sovereign debt crisis -- he became president of the European Central Bank. He kept this role until Oct. 31, 2019, when Christine Lagarde succeeded him.

Overall, Draghi has worked tirelessly to alleviate concerns in the Eurozone regarding the debt crisis. Lately Draghi has been supporting a weaker Euro, he believes that a weaker Euro currency exchange rate will help with factors such as net capital inflow and the trade surplus. Draghi has also been a notable proponent of lower interest rates in the Eurozone; this will help growth in the European economy but may add to fears of deflation that have been present for some time. Mario Draghi has had a successful career where he has been a banker, professor and policy maker.

For his services he has received several awards and honors such as the Knight Grand Cross of the Order of Merit of the Italian Republic which he received in 2000.

Draghi is a member of the Group of Thirty founded by the Rockefeller Foundation. The Group of Thirty is a private group of lobbyists in the finance sector. For this reason he is accused of having a conflict of interest as president of the ECB. Some parties also see Draghi's former work at Goldman Sachs as a conflict of interest.

Beginning in 2013 Draghi was criticised in the context of the scandals rising around the bank Banca Monte dei Paschi di Siena (MPS) which was making very risky deals.

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