Momentum Builds for Italy's Draghi as Europe's Next Central Banker (4/28)     Print Email

Selection of Mario Draghi as the next president of the European Central Bank became closer, if not assured, with the signal this week that French President Nicolas Sarkozy supported the Italian for the key post. Frenchman Jean-Claude Trichet, who has held the ECB job for eight years, steps down in October.  European Affairs tipped Draghi for the job back in February after Germany’s front-runner Axel Weber withdrew from consideration. Now the Wall Street Journal is reporting that Draghi has emerged as the “consensus” candidate for the job.

Draghi, 63, currently Governor of the Italian Central Bank and a member of the ECB’s governing council, won another important endorsement late this week as Jean-Claude Juncker, President of the Eurozone single-currency area, added his name to a growing list of leaders who have come out in Draghi's support. (On Wednesday, Spain and Portugal, through spokespeople, voiced their backing for him.) Juncker, who is also Luxembourg's prime minister, went on to say that he doesn't foresee France and Germany clashing on the question of who will succeed Trichet.

Draghi's appointment still needs the formal imprimatur from German Chancellor Angela Merkel, who has indicated she will not make a final decision until the EU summit in late June. German politicians and public opinion want reassurances that Trichet’s successor will continue to pursue strongly anti-inflationary monetary policies and respect Germany’s concern about the ECB’s role in “bail-outs” and other financial support for weaker EU economies such as Greece, Ireland and Portugal.

-- By European Affairs

  • 5G and the World Radio Conference 

    By Patricia Paoletta, Washington DC

    You may have heard that the United States is in “a Race to 5G.” 5G—or the Fifth Generation of wireless broadband—will be 100x faster than 4G, connect up to 100x more devices, and be 5x more responsive through lower latency. 5G is expected to connect people, things, transport systems, and cities in smart-networked, always-on environments. 5G will transport a huge amount of content much faster, reliably connect millions of devices, and process very high volumes of data with minimal delay.

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UMD Jean Monnet Research Project

The University of Maryland has received a Jean Monnet grant from the EU to conduct a series of policy exchanges between Europe and the US on filling infrastructure needs and the utility of public/private partnerships as the financing mechanism. If interested in participating in or receiving more information about these exchanges, please contact Rye McKenzie (

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