He Saved the Euro. Can He Now Save the Atlantic Alliance?.

• Author: Draghi, Mario

Europe is in a major transition with a vacuum in leadership, particularly in Germany. General elections take place in Germany in six months. The most powerful economy in Europe will transition to a new chancellor. And all three candidates being discussed have no international or even European experience. Most are local political operatives.

Meanwhile, Chancellor Merkel has found herself personally in a position of huge ambiguity. While she was pushing a quick economic and tech deal with China, the United States, the United Kingdom, and France continued pointing to China's egregious human rights violations. In private discussions, Merkel's response is said to have been timid to the point of being defensive. Merkel's position on Russia, including the Kremlin's chemical poisoning attacks against its citizens on foreign soil, have put her in a similarly awkward position.

Former ECB President Mario Draghi senses the vacuum that Merkel will leave. While he has become prime minister of Italy, the likelihood is that he becomes president of the Italian Republic in January 2022. That would provide Draghi with a global stage on which to operate. By the way, Draghi has a history of being very much pro-Atlantic Alliance.

Yet Draghi will find himself facing a...