Italy Turns to Its Central Bankers When Politicians Fail
- These technocrats have often stepped in during times of crisis
- Draghi asked to find coalition to steer Italy through pandemic
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Every time Italy is about to go off the rails, there’s always been the same solution: call in the technocrat. Former European Central Bank President Mario Draghi is the latest in a long list of fixers.
That’s when you know things are really bad, either because the finances are in such disarray that bond markets are panicking or because the usual bickering among parties has turned into complete political gridlock. It’s a peculiar way for a western democracy to function, especially since the outsider brought in to solve the most intractable of problems is not elected by the people.