Mario Draghi
Mario Draghi [ dra ː gi ] ( born September 3, 1947 in Rome ) is an Italian bank managers and economists. He was 2006-2011 President of the Italian National Bank, and has since November 1, 2011 President of the European Central Bank ( ECB). Draghi, the former vice president of Goldman Sachs International, is currently also a board member of the Bank for International Settlements in Basel and a member of which was founded by the Rockefeller Foundation, private advocacy organization in the financial industry, the Group of Thirty.
Life
Mario Draghi was born on September 3, 1947 in Rome. His father was a senior official of the Bank of Italy. He died when Draghi was fifteen years old, shortly after his mother.
Draghi attended, run by the Jesuits Istituto Massimo, a private Catholic school in Rome, and studied economics at the University La Sapienza in his hometown of Rome, among others, Federico Caffè. He then went to the renowned Massachusetts Institute of Technology (MIT) in Cambridge, near Boston, also took courses at the Nobel laureate economist Franco Modigliani and Paul A. Samuelson and the internationally renowned economist Rudiger Dornbusch and Stanley Fischer part. In 1976 he was from MIT Ph.D. doctorate.
Draghi taught from 1981 to 1991 as a professor at the University of Florence, worked for the World Bank, and in 2001 at Harvard University. From 2004 to 2005 he was Vice President at Goldman Sachs in London.
From 2006 to 2011 was Draghi governor of the Banca d' Italia, the Italian central bank. He replaced Antonio Fazio, against the determined, the Italian prosecutor. Draghi sold his Goldman Sachs shares prior to taking over as Fed chairman. As head of the Central Bank, he was also a member of the Council of the European Central Bank. He also headed the Financial Stability Forum (from 2009 Financial Stability Board ( FSB) ) at the registered office of the Bank for International Settlements ( BIS) in Basel. Draghi was a member of the Board of Directors of Eni, IRI and the Banca Nazionale del Lavoro.
After Axel Weber resigned his office as President of the Deutsche Bundesbank and therefore did not come as a future President of the ECB into question, Draghi was considered by many observers as a new favorite for the post, which the former ECB president Jean -Claude Trichet in fall 2011 admitted. Draghi was proposed on 17 May 2011 as the successor to Trichet's Council of the European Union. On 24 June 2011 he was officially appointed by the European Council as the successor and entered the office on 1 November 2011.
In the summer of 2012, on one of the highlights of the euro crisis, Draghi reassured " everything necessary " to do to preserve the euro. He announced to buy government bonds of problem states if necessary. This statement is a turning point in the crisis, as the financial markets calmed down then. Whether these ( OMT) are compatible Outright Monetary Transactions permitted by law and with the mandate of the ECB, shall decide which the German Federal Constitutional Court has presented this question in early February 2014 examination now on the European Court of Justice.
Mario Draghi was awarded the Grand Cross of the Italian Order of Merit. He is married and has two adult children. His son Giacomo Draghi studied economics in Italy and works as Interest Rate Trader (interest Dealer) at Morgan Stanley in the City of London. His daughter Federica studied biochemistry and worked in the Genextra Group in Italy.
Criticism
Draghi is a member of the Group of Thirty, a private lobbying organization for the major banks. For this reason, it is a conflict of interest as ECB chief accused. In addition, there are voices that cheap especially Draghi's previous positions at Goldman Sachs as a conflict of interest.
The beginning of 2013 came in the wake of scandals Draghi to the bank Monte dei Paschi di Siena ( MPS) in the criticism: It was known that even under the leadership Draghi as governor of the Italian Central Bank, the MPS -actuated extremely risky business and the Italian Central Bank, nor in the October 2011, ie still under the leadership Draghi, which then stumbling MPS administered wertpapierbesicherten a loan of two billion euros, but informed neither public nor the Italian Parliament. Through this a secret rescue the MPS landed dubious securities scrap in the national central bank and these were given in exchange for government bonds, whose interest and debt service will be paid by the taxpayers. Draghi laid the foundation stone for a European shadow banking system under the leadership of the national central banks. A system that was created primarily for protecting commercial banks and their owners at the expense of taxpayers from bankruptcy and nationalization. For Draghi, the time is particularly tricky because the ECB is on the verge supervisors to take over in the euro zone - Italian style. Should the Italian model out to be faulty, which could also influence the negotiations on the European banking supervision in 2013.