2019-09-16 Bloomberg Businessweek

P O L I T I C S

5

30

Edited by

Howard Chua-Eoan and

Jillian Goodman PHOTO

ILLUSTRATION

BY

731;

PHOTO:

TIM

WEGNER/LAIF/REDUX. DATA: WORLD BANK; EUROSTAT

Bloomberg Businessweek September 16, 2019

Return of the Native

A book looks at Draghi’s tenure at the ECB—

and what the future holds for him back home

after he leaves Frankfurt

The months leading up to the end of Mario Draghi’s

eight-year leadership of the European Central Bank

eerily resembled its start: Italy on the brink of eco-

nomic chaos, investors questioning its capacity to

support a huge debt mountain, and the risk of crash-

ing out of the single currency becoming something

more than just a remote possibility. Even the rela-

tive stability of a new government that in September

replaced a caustic coalition can’t overcome the

impression of an unstable Italy. For the ECB pres-

ident, his home country has been a constant head-

ache. The fact that—with the exception of Greece—no

other country has done as badly in the single cur-

rency as Italy is just part of the reason.

Gross domestic product per person has fallen

more than 10% since 2011, unemployment is

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The months leading up to the end of Mario Draghi’s replaced a caustic coalition can’t overcome the

P O L I T I C S

30

Edited by

Howard Chua-Eoan and

Jillian Goodman PHOTO

ILLUSTRATION

BY

731;

PHOTO:

TIM

ThemonthsleadinguptotheendofMarioDraghi’s W

eight-yearleadershipoftheEuropeanCentralBank

eerilyresembleditsstart:Italyonthebrinkofeco-

nomic chaos, investors questioning its capacity to

support a huge debt mountain, and the risk of crash-

ing out of the single currency becoming something

more than just a remote possibility. Even the rela-

tive stability of a new government that in September

replaceda causticcoalitioncan’tovercomethe

impressionofanunstableItaly.FortheECBpres-

ident,hishomecountryhasbeena constanthead-

ache. The fact that—with the exception of Greece—no

other country has done as badly in the single cur-

rency as Italy is just part of the reason.

Gross domestic product per person has fallen

more than 10% since 2011, unemployment is

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Bloomberg uuuuussssinnessssweek September 16, 2019

A bookloo t Drag iii teeenureattheECB—

and whatthheeeee tureh lll sssforhimback home

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The months leading up to the end of Mario Draghi’ replaced a caustic coalition can’t overcome the