Mario Draghi was presented with the Charlemagne Prize at a ceremony in Aachen on May 14, recognized for his role in defending the euro and for shaping a plan to boost European competitiveness. German Chancellor Friedrich Merz praised him for stabilizing the single currency during crisis and pointed to Draghi’s 2024 report on European competitiveness as a blueprint for reform, quipping that friends call him “Super Mario.”
A brief biography
Draghi is best known for leading the European Central Bank (ECB) through one of the eurozone’s most turbulent periods, but his career spans academia, international institutions, banking and government. He began as an economics professor in Italy, worked for the World Bank and spent time at Goldman Sachs. He also served on the boards of several Italian banks and companies.
From 2006 to 2011 Draghi was governor of the Bank of Italy. His tenure coincided with the fallout from the US subprime crisis and the global financial shock after the collapse of Lehman Brothers. In 2011 he was appointed president of the ECB as the eurozone faced a sovereign debt crisis that produced bailouts, austerity and political strain in several member states.
ECB leadership
As ECB president, Draghi became widely associated with the pledge to do “whatever it takes” to preserve the euro — a line credited with calming markets and marking a turning point in the crisis. In 2015 the ECB launched large-scale asset purchases, a quantitative easing program designed to boost inflation and growth.
Those policies remain debated. Supporters argue they helped stabilize the currency and the banking system at a critical moment; critics say prolonged low interest rates and asset purchases reduced incentives for structural reforms and increased risks of financial distortion. Economists such as Francesco Papadia have said that while not every decision was perfect, Draghi’s overall record at the ECB was strongly positive and that Europe benefited from his leadership in difficult times.
Prime minister and the Draghi Report
After leaving the ECB in 2019, Draghi returned to Italy during the COVID-19 era and led a national unity government as prime minister from 2021 until late 2022. He stepped down after losing parliamentary support, passing the job to his successor.
In 2024 Draghi published an influential report on the European Union’s competitiveness that presented 383 recommendations to address slowing productivity and to narrow the gap with the United States and China. The so-called Draghi Report calls for stronger cross-border cooperation, major investments in advanced technologies such as artificial intelligence and semiconductors, measures to lower energy costs, deeper capital market integration and more EU-level governance to enable decisive action.
Selection committee and wider context
The Charlemagne Prize committee highlighted Draghi’s pivotal role in stabilizing the Economic and Monetary Union, guiding Italy through pandemic challenges, and proposing a forward-looking agenda for Europe. The board described the report as a call to action to secure Europe’s global position for future generations.
Awarding the prize to Draghi comes amid heightened geopolitical tensions, including the war in Ukraine and instability in regions affecting energy and security. Supporters say the award underscores the continuing importance of European unity and coordinated responses to shared economic and strategic challenges.
What is the Charlemagne Prize?
The International Charlemagne Prize of Aachen has been awarded almost every year since 1950 to individuals or institutions that have made outstanding contributions to European unity. The prize takes its name from Charlemagne, whose rule from Aachen became a symbol of a united Europe after the Middle Ages. The award was founded in the aftermath of World War II to promote peace, cooperation and integration across the continent.
Past laureates include Winston Churchill, Helmut Kohl, Bill Clinton, Angela Merkel, popes John Paul II and Francis, and in 2023 the prize honored Ukrainian President Volodymyr Zelensky and the Ukrainian people. Draghi joins this list as a figure credited with crisis management, economic stewardship and a public plan to strengthen Europe’s competitiveness.