Mario Draghi Honored with Princess of Asturias Award for International Cooperation 2025
Mario Draghi, the renowned Italian economist and former president of the European Central Bank (ECB), has been awarded the prestigious Princess of Asturias Award for International Cooperation 2025. This accolade recognizes Draghi's significant contributions to the defense of European integration and international cooperation. He is hailed by many as the savior of the euro during the 2008 financial crisis, a testament to his steadfast leadership at the ECB, which emphasized the stability of the single currency and the core values of the European Union.
Born in Rome in 1947, Draghi took the helm of the ECB in November 2011 during a turbulent period marked by the global financial and debt crisis. His tenure at the ECB lasted until October 2019 when he was succeeded by Christine Lagarde. Prior to that, he served as the governor of the Bank of Italy from 2005 to 2011. Draghi implemented critical monetary policy measures, including a significant reduction in interest rates and the introduction of a debt-buying program in 2015, aimed at combating rising risk premiums, alleviating deflation, and stimulating the eurozone economy by injecting a staggering 60 billion euros.
In February 2021, Draghi ascended to the role of Prime Minister of Italy, after being appointed by President Sergio Mattarella to form a government. However, due to a lack of support from right-wing partners and the Five Star Movement, he resigned a little over a year later. Last September, he presented a report outlining his vision for the future of the European economy, which calls for three transformative strategies: enhancing competitiveness through innovation, lowering energy costs without sacrificing decarbonization efforts, and reducing strategic dependencies while reinforcing defense capabilities.
Each Princess of Asturias Award comes with a reproduction of a sculpture by Joan Miró, a diploma, a badge, and a cash prize of fifty thousand euros. The International Cooperation award is one of eight awards conferred each year and will be presented at a ceremony at the Campoamor Theatre in Oviedo, presided over by Princess Leonor, at the end of October.
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