Mario Draghi (b. 1947)
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Who They Were
Mario Draghi (b. 1947) is an Italian economist and central banker best known for his leadership of the European Central Bank. He served as President of the ECB from 2011 to 2019, taking the helm during the depths of the euro-area sovereign debt crisis, when doubts about the survival of the single currency ran high. Before the ECB he had governed the Bank of Italy and worked in academia, government, and international finance. His tenure at the ECB coincided with an existential test for the euro, and his interventions are widely credited with helping to hold the currency union together. After leaving the central bank he served as Prime Minister of Italy in the early 2020s.
Key Contributions
Draghi's defining moment came in July 2012, at the height of the euro-area crisis, when he declared that the ECB was ready to do 'whatever it takes to preserve the euro,' adding 'and believe me, it will be enough.'
- The remark, delivered in a London speech, is widely regarded as a turning point that calmed markets and eased the pressure on vulnerable member states' borrowing costs.
- Under his leadership the ECB later deployed a range of unconventional measures, including large-scale asset purchases, to support the euro-area economy and counter the threat of deflation.
His pledge became one of the most famous statements in modern central banking, an example of how a central banker's words alone can move markets. The episode earned him the nickname 'Super Mario' in financial circles.
On EconRecall
President of the European Central Bank (2011-2019) whose 'whatever it takes' pledge is credited with holding the euro together. Play the games that feature Mario Draghi: