Mario Draghi, as president of the European Central Bank, surely has one of the toughest and most significant jobs in the world. Growth and stability in the eurozone, and more broadly in the European Union, should be an anchor for the world economy. But its weaker economies have floundered for years, and Europe has long lacked the political leadership to address their problems. Draghi, drawing on long experience in both government and business, has moved to fill that void. Taking full advantage of the instruments available to the central bank and his personal powers of persuasion, he has carried out his own pledge to do whatever it takes to hold the eurozone together.
Draghis role requires him to balance widely divergent national views and circumstances. Ultimate success is dependent upon confidence in the skill, capacity, and integrity of a man able to reconcile the different positions. Draghi, born of Italy but a man of Europe, has provided that leadership.
Victory in the battle for growth and stability and political reconciliation within Europe has not yet arrived. However, there is little doubt that Draghi has provided a beacon of needed leadership. Given the weight of Europe in the world economy, we all have a stake in his work.