Government crisis, Draghi’s appeal to ‘whatever it takes’

It comes from Italy, from a part of the political forces, and comes above all from the international community and the economic-financial establishment. The appeal to Prime Minister Mario Draghi to remain in his place at Palazzo Chigi, at the helm of the Italian government, is becoming a pressing request over the hours, almost as if there could be only one answer to that request, due. As president of the ECB Draghi pronounced ten years ago, it was July 26, 2026, the three words that marked the key to getting out of one of the worst crises that Europe had ever experienced: “whatever it takes”. “All that will be necessary”, in Italian, was a declaration of war on all forms of speculation in defense of the Euro and accompanied by a second equally effective affirmation, “And believe me, it will be enough”, in Italian “. believe me, it will be enough “. What Draghi said, and above all what the ECB did subsequently, made it possible to limit the damage and rebuild a stability that the sovereign debt crisis had pulverized. Today, more or less explicitly, Draghi is being asked not to renounce the approach that made him the most influential leader in Europe, doing “whatever is necessary” to prevent Italy, and consequently Europe, return to a phase of profound instability. Like any such appeal, even what is being made to Draghi today is a simplification with respect to the complexity of the Italian political situation and a ‘forcing’ with respect to the assessments that a Prime Minister must do without looking at the past but weighing the elements he has in hand. The premier will do so until Wednesday and will make the decision he deems most appropriate compared to what he will hear in the halls of the Chamber and Senate and, above all, with respect to the facts that will materialize . Those who know Draghi well, in these hours, limit themselves to remembering precisely the meaning of ‘whatever it takes’. Behind those words there was the firm conviction of being able to affect, within the mandate of ECB, using all available tools. And even going further, creating new ones until it was necessary to do so. Draghi’s decision to resign, which came a few days ago, is consistent with that approach. It was taken because, given the political situation within the majority of him, Draghi no longer had the tools available to do what he deemed necessary. And on Wednesday, it is the prediction that ventures, Draghi will do the same thing. If he sees the opening to reconstruct the right conditions to do what it takes, it will still be ‘whatever it takes’. Otherwise, he can only confirm the need to take a step back. (by Fabio Insenga)