Bloomberg reports that according to Commerzbank AG Chief Economist Joerg Kraemer, nearly two years after Mario Draghi left Frankfurt, the former European Central Bank president is still influencing inflation in the euro region through his role as Italian prime minister.

“If he were to push through the urgently needed reforms and get his home country back on its feet economically, the ECB would no longer feel pressured to prop up Italy,” the economist wrote on Monday.  

With the success of his economic overhaul looking “questionable,” Italy is likely to remain hooked on ultra-low borrowing costs, Kraemer argued. That will force the ECB to keep monetary policy loose, he said, risking that faster inflation eventually becomes entrenched.

“Italy will remain dependent on help from the ECB, which will ensure low government financing costs with bond purchases and negative key interest rates,” Kraemer said, concluding that Draghi’s “actions are still influencing inflation.”