|Birth Day:||September 3, 1947|
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He received a PhD in economics from MIT in 1976.
From 1984 to 1990 he was the Italian Executive Director at the World Bank. In 1991, at the initiative of the then Minister Guido Carli, he became general director of the Italian Treasury, and held this office until 2001. During his time at the Treasury, he chaired the committee that revised Italian corporate and financial legislation and drafted the law that governs Italian financial markets. He is also a former board member of several banks and corporations (Eni, Istituto per la Ricostruzione Industriale, Banca Nazionale del Lavoro and IMI).
In December 2005 Draghi was appointed Governor of the Bank of Italy, and in April 2006 he was elected Chairman of the Financial Stability Forum; this organization which became Financial Stability Board in April 2009 on behalf of the G20, bringing together representatives of governments, central banks and national supervisors institutions and financial markets, international financial institutions, international associations of regulatory authorities and supervision and committees of central bank experts. It aims to promote international financial stability, improve the functioning of markets and reduce systemic risk through information exchange and international cooperation between supervisors.
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.
Draghi was frequently mentioned as a potential successor to Jean-Claude Trichet, whose term as President of the European Central Bank ended in October 2011. Then, in January 2011, German weekly newspaper Die Zeit reported, with reference to high-ranking policy-makers in Germany and France, that it is "unlikely" that Draghi will be picked as Trichet's successor. 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. On 13 February 2011 Wolfgang Münchau, associate editor of the Financial Times, endorsed Draghi as the best candidate for the position. A few days later The Economist wrote that "the next president of the world's second-most-important central bank should be Mario Draghi". On 20 April 2011 The Wall Street Journal reported that "Wolfgang Schäuble, Germany's finance minister, was open to Mr. Draghi being the ECB President". A few days later the German newspaper Bild endorsed Draghi by defining him the "most German of all remaining candidates". 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.
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. He was approved by the European Parliament and the ECB itself and on 24 June 2011 his appointment was confirmed by the European leaders. Draghi began leading the Frankfurt-based institution when Trichet's non-renewable eight-year term expired on 31 October 2011. Draghi's term runs from 1 November 2011 to 31 October 2019. Though France long backed Draghi's candidacy, the country held up the appointment toward the end, insisting that Lorenzo Bini Smaghi, an Italian official on the ECB's six-member board, cede his post on the board to a French representative.
Concerns were also expressed during the candidacy about Draghi's past employment at Goldman Sachs. Pascal Canfin (MEP) asserted Draghi was involved in swaps for European governments, particularly in Greece, trying to disguise their countries' economic status. Draghi responded that the deals were "undertaken before my joining Goldman Sachs [and] I had nothing to do with them", in the 2011 European Parliament nomination hearings.
In December 2011, Draghi oversaw a €489 billion ($640 b.), three-year loan program from the ECB to European banks. The program was around the same size as the US Troubled Asset Relief Program (2008) though still much smaller than the overall US response including the Federal Reserve's asset purchases and other actions of that time. Draghi's ECB also promptly "repealed the two foolish rate hikes made by his predecessor ...Trichet [and] ... stepped up the bond purchases from struggling euro-zone nations" to help with the debt crisis, commentator Steve Goldstein wrote in mid-January, 2012. 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." As such, Goldstein concluded, Draghi would leave more moves to national leaders Sarkozy and German Chancellor Angela Merkel and central banks, contrasting Draghi's actions with those of the Fed's Ben Bernanke.
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.
Late in February, 2012, a second, somewhat larger round of ECB loans to European banks was initiated under Draghi, called long term refinancing operation (LTRO). 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.
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. And believe me, it will be enough." This statement led to a steady decline in bond yields (borrowing costs) for eurozone countries, in particular Spain, Italy and France. In light of slow political progress on solving the eurozone crisis, Draghi's statement has been seen as a major turning point in the fortunes of the eurozone.
In April 2013, Draghi said in response to a question regarding membership in the eurozone that "These questions are formulated by people who vastly underestimate what the euro means for the Europeans, for the euro area. They vastly underestimate the political capital that has been invested in the euro."
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.
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. "We have not yet reached the stage of a genuine monetary union," the central bank president, Mario Draghi, said in a speech to the European Parliament in Brussels. 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." Mr. Draghi has often urged eurozone governments to do more to improve their economic performance, for example by overhauling restrictive labor regulations. But it was unusual for him to suggest that the future of the eurozone could depend on whether countries heed his advice.
On 10 March 2016, Draghi provoked a wave of talks on the concept of "helicopter money" after declaring at a press conference that he thinks the concept is 'very interesting':
Mario has two children, Giacomo and Federica, with longtime wife Serena Draghi.
Currently, Mario Draghi is 75 years, 3 months and 2 days old. Mario Draghi will celebrate 76th birthday on a Sunday 3rd of September 2023. Below we countdown to Mario Draghi upcoming birthday.
ECB press conference: Markets jump as Draghi hints at more QE - as it happened
Shares surge and euro slides as Mario Draghi marks his birthday by cutting the ECB’s growth and inflation forecasts, and suggesting extra stimulus could be needed