MIT: MIT’s Golub Center for Finance and Policy presents the Miriam Pozen Prize to Mario Draghi, former president of the European Central Bank
MIT’s Golub Center for Finance and Policy presents the Miriam Pozen Prize to Mario Draghi, former president of the European Central Bank
Draghi, most recently prime minister of Italy, was honored for his leadership of international financial policy
Cambridge, Mass., June 7, 2023—The MIT Golub Center for Finance and Policy (GCFP) today awarded the Miriam Pozen Prize to Mario Draghi during a ceremony held at MIT. Draghi, who earned his PhD in economics from MIT, led the European Central Bank during the Global Financial Crisis and most recently served as the prime minister of Italy. The biennial prize recognizes an individual who had made outstanding contributions to the advancement of financial policy research or practice, which is the core mission of the MIT GCFP. Draghi has contributed to financial policy both as an academic and at the highest levels of international finance.
During the ceremony held at the MIT Sloan School of Management, Draghi delivered the Miriam Pozen address about war, inflation and Europe. Draghi was awarded a $200,000 prize and a fellowship named in his honor to be given to an incoming MIT Sloan MBA student.
“My years as a graduate student at MIT were pivotal in shaping my journey as an economist, making it an immense source of pride that the Miriam Pozen Prize has been bestowed upon me by this esteemed institution,” said Draghi. “I extend my heartfelt appreciation to the Golub Center, the judges and Robert Pozen, whose vision and support have made this prize possible. My hope is that this recognition not only advances scholarly breakthroughs in economics but also contributes to informed decision-making in government.”
Deborah J. Lucas, the Sloan Distinguished Professor of Finance, and director of the GCFP, remarked, “Dr. Draghi’s extraordinary career, thought leadership and myriad accomplishments in the world of policy exemplify the synergies that are possible when the rigor and insights of academic economics and finance are put to the service of the public good. We are delighted to be able to bring him back to MIT to receive this well-deserved prize.”
Robert C. Merton, the School of Management Distinguished Professor of Finance at MIT Sloan and co-director of the GCFP, said, “Mario Draghi is not only a trusted leader but also a remarkable navigator and a skilled negotiator during tumultuous times as his remarkable career has demonstrated. He knows how to effortlessly navigate the corridors of power, forging seamless connections among the highest echelons of government, business and academia. With a truly exceptional lifetime of achievements, he unequivocally deserves the highest accolades. It is a delight for me to witness the well-deserved recognition granted my esteemed friend today.”
David C. Schmittlein, John C Head III Dean and Professor of Marketing at MIT Sloan emphasized that the Miriam Pozen Prize “aptly acknowledges the extraordinary trajectory of Mario Draghi’s career, transcending national boundaries and academic disciplines to confront the unprecedented policy and political challenges of the past 15 years.”
Bob Pozen, the benefactor who established the Miriam Pozen Prize to honor his late mother, said, “Through the Miriam Pozen prize, my aim has been to provide the inspiration for academic achievement and public service that my mother imparted to me. Mario Draghi’s illustrious career should inspire the upcoming generation of economists as they step into the world, ready to tackle the challenges that lie ahead—not solely within the walls of academia, but also within the corridors of power.”
The panel of judges for the prize included Mohamed A. El-Erian, Kristin J. Forbes, Deborah J. Lucas, Robert C. Merton, Ronald P. O’Hanley, Raghuram R. Rajan and Robert Zoellick. The inaugural Miriam Pozen Prize was awarded to Dr. Stanley Fischer during a ceremony held in 2021.
About Mario Draghi
After a career of nearly four decades in academia and government, Draghi became president of the European Central Bank in 2011, leading it through significant international economic crises during his eight-year tenure. In 2021, Italian President Sergio Mattarella asked Draghi to form a new national unity government. In his 20 months as prime minister, Draghi spearheaded a successful vaccination campaign to bring the COVID-19 pandemic under control, helped the Italian economy rebound after a steep recession, launched an ambitious program of reforms, including in the judicial system, and led a more active foreign and energy policy. At the end of 2021, The Economist magazine named Italy as “Country of the Year” based on its progress, citing, in particular, Draghi’s leadership.
About the Miriam Pozen Prize
The Miriam Pozen Prize is awarded biennially in honor of the late mother of Robert C. Pozen. Pozen, who funds the award, is a senior lecturer at MIT Sloan and the former president of Fidelity Investments and executive chairman of MFS Investment Management. The Miriam Pozen Prize advances the MIT GCFP’s mission of catalyzing innovative, cross-disciplinary and nonpartisan research and educational initiatives that address the unique challenges facing governments in their role as financial institutions and as regulators of the financial system. The MIT GCFP hopes the award inspires further advances in the field and enhances the quality of financial decision-making in the public sector.
About the MIT Golub Center for Finance and Policy
The mission of the Golub Center is to serve as a catalyst for innovative, cross-disciplinary and non-partisan research and educational initiatives that address the unique challenges facing governments in their role as financial institutions and as regulators of the financial system. The Center is building a foundation that will support transformative improvements in the development and execution of financial policy today and in the decades to come. It leverages the Institute’s reputation of academic excellence and commitment to public service and the acumen of MIT Sloan. For more information on the GCFP, please visit gcfp.mit.edu.
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Visit here for a replay of the awards ceremony and Dr. Draghi’s remarks.