Italy is central to the bull case for euro-zone stockmarkets
Might there be a Draghi effect?
![](https://www.economist.com/cdn-cgi/image/width=1424,quality=80,format=auto/sites/default/files/images/print-edition/20210320_FND003_0.jpg)
PITY THE broker of European shares. He spends his afternoons making calls to investors in America. Few are returned. His clients are tired of Europe and its vaccine snafus. Even a good-news story, such as Mario Draghi becoming prime minister of Italy, has little traction. Italy is central to the fortunes of the euro zone. Mr Draghi is a reformer to be reckoned with. But a lot of people think the country cannot be fixed. “If God descended from heaven and became Italy’s prime minister,” says a hedge-fund boss, “the market still would not rally.”
This article appeared in the Finance & economics section of the print edition under the headline “The Draghi effect”
Finance & economics March 20th 2021
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