FX.co ★ EU has fervent hopes for Mario Draghi

Mario Draghi has once again confirmed his status of an undisputed heavyweight in the EU who is respected despite numerous political disagreements.

The former head of the European Central Bank (ECB), who is widely considered the "savior of the euro" in times of debt crises, currently serves as Italy’s Prime Minister. However, many believe that he is still able to take the lead in shaping the EU political and economic agenda. Key European leaders are now in a quandary, as the coronavirus pandemic has noticeably undermined their political positions. In addition, Angela Merkel is set to leave office in September, and Emmanuel Macron could face a leadership challenge in the next election.

At the same time, Mario Draghi continues to command respect. He has a flair for building a dialogue with opponents holding contrary political views. Apart from that, he has years of experience gained during serious financial crises and an atypical approach to problem-solving.

However, experts remain skeptical about Draghi's political future due to possible internal divides and opposition from other political leaders. Besides, the impact of the COVID-19 pandemic may be more severe than Draghi expects.