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A ‘whatever it takes’ approach to changing Europe's economic fortunes is exactly what's needed
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Giorgia Meloni emerged from the political fringes after leading the opposition to Mario Draghi’s technocratic administration which stabilized the country over the past 18 months following the trauma of the pandemic.
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The premier resigned Thursday after three coalition allies withdrew their support for his government, shattering the unity which had propelled him into office in February 2021.
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Mario Draghi conveyed his resignation to Italian President Sergio Mattarella on July 21 after his coalition collapsed on withdrawal of support from three allies
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In a speech to the Senate, Draghi made a plea for unity and set out a series of issues facing Italy ranging from the war in Ukraine to social inequality and rising prices.
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Draghi laid out priorities for Parliament to consider in rebuilding from the top the majority needed for the government to work efficiently.
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"I will tender my resignation to the president of the republic this evening," Draghi told the cabinet, according to a statement released by his office.
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What began as a lone push by Klaas Knot of the Netherlands little more than three weeks ago -- to consider a half-point interest-rate hike -- has morphed into a whole new campaign of monetary tightening for the euro zone, as unveiled by President Christine Lagarde on Thursday.
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Mario Draghi told a news conference that he and Biden recognised that the road to peace was very complicated, but said that everyone needed to make an effort to help Russia and Ukraine find an end to the conflict.
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In India, stagflationary trends due to the supply shock will unfold in the coming months. Persistent inflation would also lead to demand destruction and downtrading.
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The eurozone's third largest economy has been devastated by the coronavirus pandemic, although Prime Minister Mario Draghi expects growth to improve this year as more people receive vaccines and business activity picks up.
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Here are the main economic issues facing Mario Draghi if he succeeds in forming a new government.
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Draghi told reporters he accepted the mandate knowing that Italy faces the multiple challenges of a health care crisis, a national vaccination campaign and an economic recession and at the same time will have “extraordinary" resources from the European Union to try to help the economy relaunch.
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Draghi and the ECB did a fine job in saving the Eurozone from disaster when few expected the central bank could do the job
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The 72-year-old Italian banker is widely credited with saving the euro zone from collapse, but some critics say he also overpowered opponents and tended to front-run the bank's monetary policy in public.
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The ECB, which kept interest rates unchanged for now, said it saw rates at present or lower levels through mid-2020, giving up a previous pledge to keep rates unchanged through next June.
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The problem is that with rates at record lows and the ECB's balance sheet already swelled to 4.7 trillion euros ($5.3 trillion), its remaining ammunition is limited, raising doubts about the likely effectiveness of any further measures.
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The ECB last week decided to end its 2.6 trillion euro bond purchase programme by the close of the year but said interest rates would stay unchanged at least through next summer, a wording that pushed back rate hike expectations by three months to September.
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"The inflation outlook remains predictably anaemic, and if President Draghi is to be taken at his dovish word, that should imply filling up the bowl," Anatoli Annenkov, an economist at Societe Generale, said.
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U.S. short-term interest rate futures rose slightly, reflecting reduced expectations that the Fed will raise interest rates further this year, after Yellen skipped mention of it when speaking in Jackson Hole, Wyoming.
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Dow Jones Industrial Average fell 28.69 points, or 0.13 percent, to 21,783.4, the S&P 500 lost 5.07 points, or 0.21 percent, to 2,438.97 and the Nasdaq Composite dropped 7.08 points, or 0.11 percent, to 6,271.33.
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An ECB spokesman said that Draghi will focus on the theme of the symposium, fostering a dynamic global economy, in his Aug. 25 remarks, while the sources added that he was keen to hold off on the policy discussion until the autumn, as agreed at the last rate-setting meeting in July.
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Gold prices firmed on Wednesday on lower equities and a weaker U.S. dollar after European Central Bank President Mario Draghi hinted the ECB could trim its stimulus this year.
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The ECB proposal to European Union states, seen by Reuters, says that a draft piece of legislation on foreign bank regulation already under discussion among the 28 EU members should be toughened further.
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The euro zone economy may be improving, but a change in the European Central Bank's policy guidance could backfire, tightening financial conditions, policymakers concluded at their March 9 meeting, the minutes of the discussion showed on Thursday.
