It Won’t Be Easy to Replace Mario Draghi
He has a masterful grasp of politics, words, and finance. The ECB needs someone with the same skills to guarantee its independence.
If you’re looking for the world’s hardest job, then search no farther than Frankfurt.
The president of the European Central Bank must oversee an institution that sets monetary policy for a currency area with 19 member states. Since 2014 the ECB has also been the main banking supervisor for the monetary union, with duties that include demanding capital increases for lenders and closing down failing institutions from Italy to Latvia. Finally, the central bank is deeply involved in the riotous debates over the future of the euro zone; it has struggled to suggest a way forward that will accommodate the conflicting views of national authorities and politicians. All the while, every word emanating from the office is followed closely for clues to policy directions.