Who is he: Mario Draghi became president of the European Central Bank November 1, 2011 and is expected to continue the policies of the bank, which have focused mostly on controlling price inflation and not on the bigger Eurozone crisis.
He has been quoted as saying: "It is now necessary to give certainty to the procedure for handling sovereign crises: by clearly defining the political objectives, the instruments and the volume of resources. This is needed to ensure the stability of the area and its currency, and to take full advantage of the strength of its economy and monetary and financial situation."
This is, of course, the same kind of double-speak practiced by such American Federal Reserve leaders as Alan Greenspan. There are those who want Draghi to use ECB "money from nothing" to purchase bad loans taken by governments. But this is not within the ECB's current brief. The Germans in particular would object.
Also, Draghi doesn't seem to have a personality given to large gestures. He has been described as "discreet, introverted and reserved." However, as governor of the Bank of Italy, he did put pressure on the government to move toward an "austerity" program. He will likely preside over a series of such programs at the ECB, though nominally the ECB is a non-political entity and not responsible for such programs.
Ultimately, the ECB, like all central banks, is an illegitimate institution. It has the monopoly power to print money (euros) that are not backed by any commodity. For all the protestations about the ECB's leadership being "hawkish," the reality is that no central bank is "tough" on inflation. That's because central banks in the modern era print "money from nothing."
Central banks print money. That's what they do. Since there is no central banker in the world who knows how much money is too much money, central banks always print too much. The ECB has been a somewhat moderate printer of money in that it obviously hasn't thus far introduced hyperinflation into the Greek economy, but ultimately a central bank is an inflation-producing machine. It must be. Its purpose is to print money, which "inflates" the money supply.
The ECB, the European Union and the euro itself have all proven immensely destructive to Europe. The individual countries making up Europe are in flames as a result of the euro and what is evidently and obviously a plan by the global powers-that-be to introduce yet more chaos into the world in order to prepare it for full-on global governance.
Regardless of Draghi's stance at the ECB, he is part of the power structure that is ruining Europe, blighting hope and ruining lives. A free-market system in money is what Europe needs, not more institutional price fixing. Unless Draghi brings the system down, his tenure at the ECB will simply mark more of the same.
Background: Mario Draghi was born September 3, 1947 in Rome. His undergraduate work was completed at La Sapienza University of Rome.
Draghi was governor of the Bank of Italy from 2005 until 2011 when he became president of the European Central Bank. He was also a vice chairman of Goldman Sachs International, director general of the Italian Treasury 1991-2001 and he served as a director of the World Bank in the 1980s. An economics professor at the University of Florence from 1981 to 19911, he received his PhD from MIT in 1976.
Draghi is a trustee at the Brookings Institution and the Institute for Advanced Study in Princeton, and has been a Fellow of Harvard's John F. Kennedy School of Government, Institute of Politics.