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Mario Draghi: the euro’s saviour called to serve Italy

Lorenzo Bini Smaghi, who worked with Draghi at the Italian Treasury and the ECB, says his “greatest achievement was not so much to say that he would do ‘whatever it takes’ to save the euro, but it was getting Angela Merkel to say nothing and remain supportive — this shows he is very skilful politically”. Inside the bear pit of Italian domestic politics, and faced with a country deeply frustrated with its leaders, these skills will be tested to their limits.

FT 5 February 2021


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