Mario Draghi formally accepts post of Italian Prime Minister, forms new government

On Friday, February 12, Former European Central Bank chief Mario Draghi accepted the Italian president’s bid to form a new government as he became the new Prime Minister of Italy. After coming into power, Draghi announced a Cabinet of experts who have plenty of experience in their hands. The newly appointed Prime Minister sought to reassure financial markets and tamed a potentially unruly coalition of former rivals.

Italy gets a new Prime Minister 

Draghi submitted the names of his Cabinet members to President Sergio Mattarella. He has the final job of naming them. A broad-based government of national unity was expected after most of the political parties signaled their support for Draghi. According to the reports by AP, Draghi arrived at the presidential palace promptly at 7pm, finishing his business within 40 minutes. He stayed long enough to read his list of Cabinet members to reporters. 

Read: Mario Draghi Secures Support From Key Parties To Form New Italian Government

The newly appointed Prime Minister has chosen Daniele Franco, general director of the Bank of Italy where Draghi was once the boss, as economy and finance minister. He also confirmed Luigi Di Maio as foreign minister, Roberto Speranza as health minister, Lucia Lamorgese as interior minister, Lorenzo Guerrini as defense minister and Dario Franceschini as culture minister. The new government includes political rivals. It promises an amount of 200 billion euros in EU recovery funds. 

Draghi, who is 73-years-old, replaces Giuseppe Conte, who resigned after a small party yanked support over the handling of the pandemic. The Italian Republic plunged into deep political crisis on January 13, after Matteo Renzi, leader of the Italian Vive (IV) revoked party support rendered to PM Guiseppe Conte. However, Renzi’s party failed to gain an absolute majority in the Senate forcing the country’s President Sergio Mattarella to start new consultations for the formation of the new government. Mattarella had then called upon Draghi. For his cabinet members, he has transferred the environment ministry to Roberto Cingolani, an expert in nanotechnology. This responds to the EU requirement that at least 37 per cent of the allocated recovery funds must include environmental goals.

Read: Draghi Says He Has Enough Support To Form Italy's New Govt

Draghi secured initial support from two key parties as he tries to form a government to take the country out of its current political crisis. On February 6, the populist 5-star movement and the rightwing League both signalled support for Draghi, keeping aside bitter rivalries of the good of the country. In the aftermath of having a meeting with Draghi, Matteo Salvini, leader of the League and former interior minister admitted that they were “available”.Speaking further, he said that they were the”  leading political force in the country and a force which should govern”. 

Read: Italian Prime Minister Giuseppe Conte Resigns As Political Crisis Intensifies

Also Read: Italy Looks To "Super Mario" Draghi To End Political Crisis

(Image Credits: AP)