The article examines the process of social and economic modernization that began in Italy, led by the new Prime Minister Mario Draghi. In scale and significance, this restructuring is comparable to the recovery of the Italian economy after World War II and the institutional breakdown of the early 1990s. A set of reforms (administrative and judicial systems’ modernisation, debureaucratization, new labor market policy, taxation revision) is being carried out in line with the National plan for recovery and resiliency as part of a pan-European reconstruction program, one of the ideological inspirers of which was Draghi himself, and with unprecedented financial support from the EU. Draghi’s first step was the restructuring of the economic management system. Its leading functions were transferred to high-level technocrats, putting this system beyond the inter-party struggle. The activities of the Draghi government are highly acclaimed by business and has growing public support. Italy’s achievements in 2021 exceed earlier forecasts.