Super Mario Swoops In

New European Central Bank chief Mario Draghi is the euro's last line of defense

Kai Pfaffenbach—Reuters

New European Central Bank chief Mario Draghi is the euro's ;ast line of defense.

Italy once brought to mind delightful images of the Pantheon and Pisa, Armani and Alfa Romeo. But with the euro-zone crisis raging on, any mention of Italy lately evokes thoughts of the country's humongous debt, chronic unemployment, endemic corruption and chaotic politics.

Whether that national story can once again be rewritten depends in part on Mario Draghi, former head of the Bank of Italy, who became the president of the European Central Bank (ECB) on Nov. 1. Draghi takes the helm during the euro's most tumultuous period since the single currency's launch in 1999, with mounting debt woes once again threatening...

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