Mario Draghi’s Second “Whatever It Takes”
If the Italian prime minister’s €235 billion economic recovery plan succeeds, it will change the European conversation, so that neighborly solidarity and fiscal risk-taking are seen as good investments. If it fails, the EU’s recovery plan will be remembered as a waste of money and fiscal conservatism will regain the upper hand.
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PARIS – To be the prime minister of Italy is to hold one of the world’s worst jobs. To paraphrase the English philosopher Thomas Hobbes, life in this post is usually nasty, brutish, and short. Very short, in fact: Since Angela Merkel became chancellor of Germany in 2005, she has had eight different Italian counterparts.