Mario Draghi can now be added to the list of former Goldman Sachs employees appointed to one of the most important financial policymaking positions in the world.
The 62-year old Italian economist was appointed on Friday to replace Jean-Claude Trichet as President of the European Central Bank (ECB) upon Trichet’s retirement in November of this year. The position carries a term of eight years. Draghi’s appointment was approved at a summit of European Union leaders in Brussels, Belgium on Friday, according to an EU spokesperson.
Draghi earned a Ph.D in economics from the Massachusetts Institute of Technology in 1976, and served as Executive Director of the World Bank from 1984 to 19990. He later served as vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee from 2002 to 2005.
In April 2006 he was elected Chairman of the Financial Stability Forum, which later became the Financial Stability Board (FSB) in the spring of 2009. According to Wikipedia, the FSB is an “international body that monitors and makes recommendations about the global financial system…The Board includes all G-20 major economies, FSF members, and the European Commission.”
In summary, Draghi appears to be another status quo policymaker – a can-kicking advocate supported by the world’s most influential financial firm that has been appointed to protect the interests of banks at taxpayer expense. For the sake of European citizens and the entire global financial system, hopefully this is not the case.
West Kirkland Expands Drill Program
