On the day when voting begins to elect the new President of the Republic, many foreign newspapers are cheering on Mario Draghi. Here are the main ones:
Financial Times – Mario Draghi as President of the Republic could guarantee the path of reforms; on the contrary, if he were not elected, his role as prime minister would be weakened. The Financial Times thus begins a long analysis entitled: ‘The Draghi Dilemma: the Italian presidential election risks turbulence’. “Draghi presented Italian politicians with a dilemma – writes the daily – whether to keep their country’s most famous technocrat as prime minister, allowing him to go ahead with an ambitious EU-funded reform program, or to elevate him to head of state, triggering potentially a paralyzing crisis for a successor to lead the government “. “Since his arrival in the government – recalls the City newspaper – Draghi has revitalized the confidence of markets and investors thanks to a successful vaccination campaign and expansionary budget policies to accelerate the economic recovery. Draghi has designed an ambitious reform program structures to improve the long-term growth trajectory after decades of stagnation “. “But a divisive presidential election that would cause a political crisis would worry Brussels and the financial markets – notes the FT – From the Quirinale, Draghi could use his powers and authority to ensure that future governments keep reforms on track. If the government coalition were to decide not to elect him to the Presidency of the Republic, Draghi’s role would be scratched “.
Bloomberg – “Draghi was in government for almost a year: he led the Italian economy to achieve a growth rate of 6.3%, organized one of the most successful vaccination campaigns in Europe, initiated reforms to tackle the problems structural aspects of Italy, such as excessive bureaucracy and a slow judicial system. Draghi may believe that the best way to preserve the results of his government action in the future is to become President of the Republic, a role that lasts seven years “. So writes Bloomberg. According to the economic agency, “Italian presidents have many more powers than they seem. The spread between Bund and BTP has not moved much for now, probably because the markets expect that Draghi will not leave the political scene”. But the momentum of the Draghi government, it notes, “could quickly dissipate if it were succeeded by a less effective prime minister who does not have the influence of the former head of the European Central Bank at home and abroad. This could jeopardize the the country’s access to over 200 billion euros in grants and loans available from the European Union’s pandemic recovery fund “. For Bloomberg, the prime minister “could bet that his chances of cementing his legacy are better if he swaps the prime minister’s office with the presidency, who has a 7-year term. If he keeps his current job, he risks being being dragged into the quagmire of political infighting, as happened to Mario Monti, another respected technocrat. And while he is highly regarded for his heroic defense of the euro during the European debt crisis and boasting high approval ratings, Draghi is unlikely look for a popular mandate in national elections which should take place by June 2023 “.
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Source From: Ansa
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