Franco-Italian Deal Puts Draghi In ECB Hot-Seat

'Super Mario' — as Mario Draghi, the Governor of the Bank of Italy, is known to his compatriots — was catapulted into the express lane via Frankfurt after being endorsed for the European Central Bank’s top job by French President Nicolas Sarkozy last week.

萨科齐基本上放弃了德国总理安吉拉的德国治理的合作伙伴，默克尔·默克尔（Merkel）是关于支持Draghi的围栏 - 与意大利人交易，以确保将德拉基稳定的欧洲央行主席和在六名成员执行委员会对法国职位的连续性。

当前总统Jean-Claude Trichet时，从10月份的银行下降，ECB执行俱乐部将在没有法国代表的情况下离开。但它恰好发生意大利已经有一名董事会成员，洛伦佐比尼·斯米奇，如果德拉奇成为总统，就制作两个。因此，Sarkozy凭借Silvio Berlusconi总理谈判 - 展示了不协调的远见 - 法国将支持德拉奇（如果他的加冕）撤回Smaghi并为法国人提供方式。

Draghi可以说是法国的自然选择，因为任何其他候选人可能是德国人（或德国）的候选人。法国人通常认为德国人对货币政策的遥远来说太高 - 特别是对利率 - 以及整体，从一开始就德国候选人。该国家的财政鹰派肯定突出了去年，当时Bundesbank投票反对欧洲央行债券购买计划，其中银行一直在债券较弱的政府债券。

Sarkozy made his endorsement at a press conference with Berlusconi, saying, “France will be very happy to support an Italian [Draghi, not Carla Bruni] at the presidency of the European Central Bank.” Then, lest his remarks be misunderstood, he added: “We aren't supporting him because he's Italian. We're supporting him because he's an excellent candidate.”

Indeed, by almost all standards, Draghi is considered a highly capable choice to lead the ECB as it steers the Euro through an ongoing sovereign debt crisis. An MIT-trained economist (in fact, he was the first Italian to earn a PhD from the acclaimed university), Draghi served as an executive director of the World Bank in the 1980s; spent ten years as the director general of the Italian Treasury in the 90s; worked as a vice-chairman and managing director for Goldman Sachs out of London between 2002 and 2005 (a stint that makes some European elites nervous); and most recently, in addition to serving as the head of the Bank of Italy, has chaired the G-20 Financial Stability Board.

Alberto Giovannini是阿尔贝托·戈尔·克里斯·阿尔斯库尔的同事表示，德拉奇的经济哲学符合本伯纳克（毕业于同一时间的麻省理工学院）和Mervyn King，都是适度的凯恩斯人。“他受到哲学的影响，即期望是非常重要的，”Giovannini说，“这个货币政策不能受到太多目标。”此外，古罗南尼在学习的地方迈出了德拉利，而且在别的地方学习 - 但是现在是米兰的资产管理公司联合国的首席执行官，意味着德拉奇可能会持续许多当前的欧洲央行政策。“特里谢可能是我生命中见过的最好的中间路上，我将在同一位置获得马里奥，”他争辩说。

Nonetheless, influential segments of both the European (mainly German) public and political elite, fueled in some cases by fiscally hawkish ideologies, and in others by more populist and isolationist impulses, have been outright hostile to the notion of an Italian becoming the continent’s number one central banker.

默克尔的首选欧洲央行主席后,Axel Weber, stepped down from the Bundesbank presidency and took his name off the ballot for the ECB job in February, the Germans were backed into a corner. Weber had been the frontrunner — and Germany’s only viable candidate — and his departure from the race created a real opening for Draghi. Bild, a conservative, Merkel-leaning tabloid, cautioned against putting an Italian in charge of the ECB, no matter how good his qualifications, explaining, “For Italians, inflation is a way of life, like tomato sauce with spaghetti.”

作为一个欧洲政策分析师，被要求保持匿名的，“默克尔可以由来自欧洲南部的中央银行人在国内被削弱。”但是，他增加了德拉利，“他是意大利人的事实并不意味着他是为了更容易的钱。”分析师说，虽然比韦伯更少于韦伯，但Draghi是“不是鸽子”。

与此同时，Giovannini更加钝：“关于他是意大利人的辩论是垃圾”和“能源浪费”。

据认为，默克尔已经同意了。对于一，上周，甚至贝尔甚至是一个关于面部的脸，并宣布了它的德拉奇的认可。Tabloid的首页显示戴着普鲁士头盔的中央银行家的图像，“新的欧洲央行首席是德国人。”此外，德国财经米仕·沃尔夫冈·斯卡瓦尔（WolfgangSchäuble）宣布支持Draghi。然而，Der Spiegel今天报告称，校长仍然不确定提出意大利人。杂志指出，梅尔克尔是“关心支持德拉奇朝向欧洲央行的欧洲央行将难以吞下来吞咽。”

但她真的能够在萨科齐，Schäuble和Bild的认可之后阻止德拉利？

More likely, she, too, will need something in return for throwing her weight behind the Italian. Possible concessions Merkel could demand include putting a German in Draghi’s post at the Financial Stability Board (Der Spiegel has suggested that the new president of the Bundesbank, Jens Weidmann, might be a contender), as well as rewriting some language for the ECB rulebook that stipulates a geographical balance in the makeup of the bank — basically, guaranteeing that a German would get the presidency the next time around.

好吧，人们会想象一盘自制肉丸不会做诀窍。