Mario Draghi, a giant of Europe largely credited with saving the euro, formally presented a broad unity government to Italy’s president Friday, all but assuring that he will become prime minister at a precarious moment when the prospect of a more closely bound European Union hinges on Italy’s success.
Draghi, who is expected to easily surpass the formalities of confidence votes in Parliament next week, will be tasked with guiding Italy through a devastating and unpredictable pandemic.
But he also must secure its future by wisely and efficiently spending a once-in-a-generation relief package financed by debt raised for the first time collectively by all EU countries. If he succeeds, he could set a precedent. If he fails, EU countries are less likely to approve such a package again.