Extraordinary times demand extraordinary measures. Former European Central Bank chief Mario Draghi’s ability to form an Italian government of national unity is nothing short of extraordinary, at a crucial time not just for Italy but for Europe as a whole. Since 1945 Italy has had no fewer than 66 governments, many of which lasted less than a year as tenuous coalitions evolved in the ever-changing Italian political landscape. Often they collapsed nearly as quickly as they were formed. Italy is facing its deepest economic crisis since the Second World War, with a debt to GDP ratio above 160 percent, in stark contrast to a post-pandemic EU average of about 90 percent and an official ceiling of 60 percent, as required by the European Commission. In addition, Italy was the first country in Europe to feel the full force of the coronavirus pandemic about a year ago. Who can forget the scenes in the north, when hospitals could not handle admissions of COVID-19patients and doctors had to choose who they were able to treat? Draghi’s predecessor Giuseppe Conte lost the confidence of the Senate after former Prime Minister Matteo Renzi’s Italia Viva party withdrew its support. When President Sergio Mattarella sounded Draghi out, the latter started work immediately to form a broad-based coalition. The president’s choice was truly inspired. There is a lack of political leadership in the EU, which was weakened by Brexit and the most recent controversy over the coronavirus vaccination program. Angela Merkel will step down as German Chancellor after the September elections and French President Emmanuel Macron faces the voters next year. Draghi is the right man for the job. Many credit “Super Mario” with saving the euro when he led the ECB with his “whatever it takes” mantra in the aftermath of the financial crisis and the implosion of the Greek economy. Cornelia Meyer Draghi is the right man for the job. Many credit “Super Mario” with saving the euro when he led the ECB with his “whatever it takes” mantra in the aftermath of the financial crisis and the implosion of the Greek economy. From his time at the central bank, he is also uniquely connected among the powers that be in Europe and the upper echelons of the global financial system in the G7 and the G20. His voice carries weight as few others do. This is precisely what Italy needs as it navigates the disbursement of its 208 billion euro share of the EU’s750 billion euro pandemic relief package. The composition of Draghi’s administration proves that he is capable of forging compromise among the divergent forces of Italian politics while appointing those who are competent to key positions, whether they are politicians or technocrats. It is a small miracle to have united forces as diverse as the far-right Lega and Silvio Berlusconi’s Forza Italia, the social democrats, and the anti-establishment Five Star movement. A new ministry of ecological transition was formed on the demands of Five Star and is headed by Roberto Cingolani, the chief technology officer of Leonardo, Italy’s foremost defense and security company. While all of this sounds encouraging, we should not underestimate the centrifugal forces in the EU and within Italy. The more divergent the forces persuaded to collaborate, the greater the danger of eventual disagreement. As far as the balance of power within Europe is concerned, a lot will depend on how elections turn out in various member states over the next two years. There is also global significance to appointing a competent technocrat such as Draghi to lead Italy. What happens in Rome matters to the EU, and what happens in Brussels matters to the world at large. Measured by nominal GDP, the EU as a bloc is the world’s second largest economy behind the US and ahead of China. Furthermore, the EU is not just an economic union, it is also one of values and political integration. Europe is the nearest neighbor of the Middle East. Italy’s economic trajectory will determine its ability to deal with the migration pressures from North Africa and the Middle East. This matters just as much to Riyadh, Abu Dhabi and Washington as it does to Brussels, Paris and Rome. Italy is lucky to have a global authority of Draghi’s stature in its political talent pool. If we care about global political and economic stability, it is in all our interests for him to succeed. Cornelia Meyer is a Ph.D.-level economist with 30 years of experience in investment banking and industry. She is chairperson and CEO of business consultancy Meyer Resources. Twitter: @MeyerResources Disclaimer: Views expressed by writers in this section are their own and do not necessarily reflect Arab News" point-of-view