Italy’s last prime minister fell thanks to fights over E.U. money. The new one now has the chance to spend it
On Feb. 13, former European Central Bank president Mario Draghi was sworn in as Italy’s prime minister. Draghi’s political ascent is tied closely to the dramatic repercussions the coronavirus pandemic has had on the Italian economy. In 2020, Italy’s gross domestic product contracted nearly 9 percent and half a million jobs were lost. Government relief measures for households and businesses ballooned Italy’s public debt, which reached 157.5 percent of GDP in 2020.
The European Union Recovery Plan has earmarked 200 billion euros ($243 billion) in grants and loans to help Italy relaunch its economy. An April deadline to draw up a detailed plan on how to spend the E.U.… Seguir leyendo »