Mario Draghi Agrees to Take Over as Italy’s Prime Minister

(Bloomberg) -- Mario Draghi agreed to take over as Italy’s prime minister, as he prepares to head a new government that will prioritize the pandemic, a struggling economy and moving ahead with European integration.

Draghi, the former head of the European Central Bank, reported back to President Sergio Mattarella in Rome Friday evening after two rounds of talks with political leaders. After securing broad support from all the country’s main parties except for the far-right Brothers of Italy, he told the head of state he’s ready to form a new administration, according to the presidency’s secretary general.

On the new government’s agenda: a pandemic that’s claimed more than 90,000 lives in Italy, the worst recession since World War II, and a debt load at almost 160% of output. Draghi will oversee managing and allocating the country’s 209 billion-euro ($253 billion) share of the European Union recovery fund, and other measures to boost the economy including help for crippled businesses.

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