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How the ECB could help Italy — and why it won’t

The Italian government seems to count on the ECB as last resort to help it in a crisis. The bank has the tools to do it, but is unlikely to use them

By

Pierre Briançon

Giuseppe Conte, Italy's prime minister, heads a government which may find ECB assistance is unavailable in its budget showdown with the European Commission and investors
Giuseppe Conte, Italy's prime minister, heads a government which may find ECB assistance is unavailable in its budget showdown with the European Commission and investors Photo: Getty Images

Mario Draghi is Italian. Italians should help their country. Mario Draghi is president of the European Central Bank. So the ECB should help Italy.

That is the reasoning Italian government officials have shared in recent weeks with investors or visitors rushing to Rome to try and understand the true meaning of the budgetary showdown with the European Commission.

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