The economist and former Italian Prime Minister Mario Draghi has been awarded the Princess of Asturias Award for International Cooperation 2025, which was announced this Wednesday in Oviedo "for his leadership and strong commitment to the fundamental values and progress of the European Union."
Draghi, 77, has been "a key figure in the defense of European integration and international cooperation," according to the Spanish award jury, highlighting his role in defending the euro during the financial crisis that began in 2008.
The economist took the helm of the European Central Bank in November 2011 until October 2019, when he was succeeded by the French Christine Lagarde. The former Governor of the Bank of Italy (2005-2011) implemented significant monetary policy measures such as interest rate reductions and in 2015 launched a debt-buying program that lasted until March 2016 to address the increase in risk premiums, combat deflation, and revive the eurozone economy by injecting ¤60 billion.
In February 2021, he became the Prime Minister of Italy after President Sergio Mattarella entrusted him with forming a government, but due to lack of parliamentary support from his right-wing and populist Five Star Movement partners, he resigned just over a year later.
Last September, he presented a report on the future of the European economy, advocating for three major transformations to remain competitive: accelerating innovation, reducing energy costs without giving up decarbonization, and reducing strategic dependencies, including strengthening defense.
Draghi follows the Ibero-American States Organization for Education, Science, and Culture (OEI) in the list of awardees, the largest multilateral cooperation organization among Spanish and Portuguese-speaking countries, which won the award last year.