The news that Mario Draghi, the former head of the European Central Bank, received a mandate on Wednesday to form Italy’s next government, was greeted with relief and even delight by international observers. Widely credited with having saved the euro in the aftermath of the 2011-12 sovereign debt crisis with his famous “whatever it takes” speech, Draghi is seen as a safe pair of hands to steer his troubled country through the multiple public health, economic, and political crises it faces.
In reality, however, Draghi’s nomination bodes very poorly for Italy’s future. His newfound power represents a political defeat for almost the entirety of Italy’s political class—with one notable, and dangerous, exception.
