Offices in Milan In the second quarter of 2020, the economy contracted at a rate comparable to that experienced by large countries during World War II. Mario Draghi lays out ambitious reforms for Italy In first speech as leader of national unity government, PM pledges to combine investment of EU funds with structural reforms Save We should take inspiration from those who were involved in rebuilding the world, Europe and Italy after World War II. Mario Draghi, President of the European Central Bank. But the current situation makes a massive investment of intellectual and financial resources in this area all the more urgent. AstraZeneca: Mario Draghi and Emmanuel Macron had a phone call on Tuesday (Image: GETTY) She added: "The number of thromboembolic events … Offices in Rimini He spoke of narrowing economic inequalities through investment in education and ambitious public work projects such as high-speed rail. tel. He said it was only the spirit of national unity and sacrifice of the country’s elected lawmakers that could help Italy. As required by the European Union, he prioritized investments in digitalization, green jobs and renewable energy. https://qz.com/1038954/whatever-it-takes-five-years-ago-today- There is also a moral imperative to make this choice and to make it well: the debt created by the pandemic is unprecedented and will have to be repaid mainly by those who are young today. ECB President Mario Draghi outlined the minimum requirements needed to complete monetary union in a way that offers stability and prosperity for all its members in a speech to students of the University of Helsinki. The road ahead can surely be found and we are not alone in our efforts to find it. However, there is a sector which is critical for growth and therefore for all the transformations I have just listed, and where a long-term vision must be married with immediate action: education and, more generally, investment in young people. Mario Draghi, Italy's new prime minister, is no stranger to high-stakes jobs. Speech by Mr Mario Draghi, President of the European Central Bank, on the award of Laurea honoris causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019. The return to growth and the sustainability of economic policies are also essential to respond to the changing preferences of our societies, starting with health systems, where efficiency is now measured in terms of our state of readiness for mass disasters on the scale we just experienced. Still other sectors will expand and grow as they adjust to the new patterns of demand and behaviours produced by the pandemic. via Legnone, 20 The euro crisis then reared its head, followed by the pressing threat of depression and deflation. New Italian Prime Minister Mario Draghi is outlining the policy priorities of his new national unity government in a speech to the Senate. The former president of the European Central Bank is the likely next prime minister of Italy after the government led by Giuseppe Conte fell apart amid squabbling over the country's coronavirus recovery plans. Instead, they were allowed to develop into a populist rallying cry and an indiscriminate protest against the existing order. We also witnessed the impossibility of reaching a global climate agreement and its consequences for global warming. Our freedom of movement has been curtailed; we have sacrificed many aspects of our human interactions, both physical and psychological; entire sectors of the economy have been locked down or put out of business. At certain points Mr. Draghi left the figures and reform blueprints behind for some linguistic flourishes. Speech by Mr Mario Draghi, President of the European Central Bank, on the award of Laurea honoris causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019. He said the country needed to improve prospects for talented young people who often pursue careers elsewhere and acknowledged that Italian women suffered “one of the worst pay gaps in Europe” and “chronic scarcity” in prominent managerial positions. I could not have imagined how quickly and how tragically our leaders would be called upon to demonstrate those qualities. The European Union was also in a financial crisis. The collapse in GDP, which in some countries has fallen to the levels of the mid-1990s, in international trade, in domestic consumption (the household saving rate in the euro area has reached 17%, up from 13% at the end of last year), in private investment – all will abate. So our search for a new sense of direction must, in the same way, entail immediate reflection on their future shape. Draghi is also the second technocrat trained in economics to rule Italy in the span of ten years (the last one, Mario Monti, was appointed as prime minister in 2011, the same week that Papademos was installed in Greece). Coronavirus vaccinations underway at a hospital in Piacenza in December. Instead, we would be able to consider the reconstruction of European economies truly as an undertaking shared by all Europeans and as an opportunity to design a common future – as we have done so many times in the past. As president of the European Central Bank (ECB), Mario Draghi has presided over an era of disintegrating faith in EU, notable in the 2016 Brexit vote. If we look at the cultures and nations that have best managed continuous uncertainty and the need for change, they have all awarded education a fundamental role in preparing young people to manage change and uncertainty, on the basis of wisdom and independence of judgment. Mario Draghi is ending his eight-year term at the European Central Bank at the end of the month. Speech by Mario Draghi, President of the ECB, to mark the centenary of the birth of Federico Caffè at the Lecture room of the School of Economics and Business Studies “Federico Caffè”, Rome, 12 November 2014 After decades of European decision-making dominated by inter-governmentalism – where the will of individual governments prevails – the Commission is once again at the heart of the action. This is a time of uncertainty and anxiety, but it is also a time of reflection and common action. September 1947 zu Roum, ass en italieeneschen Ekonomist, Banquier, Universitéitsprofesser an héije Fonctionnaire, deen tëscht 2011 an 2019 President vun der Europäescher Zentralbank (EZB) war. Between December 2020 and January 2021, tensions arose within Italy's ruling coalition, with Prime Minister Giuseppe Conte and former Prime Minister Matteo Renzi taking contrary positions on the management of the COVID-19 pandemic in Italy as well as its deep economic consequences. (ANALYSIS) The year was 2013 and Mario Draghi had delivered a speech about economic policy in Munich. But a real recovery in consumption and investment will occur only once uncertainty starts to dissipate and once economic policies are in place that are both effective in providing support to families and businesses and credible, because they are sustainable over time. But we must not forget the circumstances that brought about this step forward for Europe: the solidarity that should have been spontaneous was the fruit of negotiations. The recognition of the role that a European budget can play in stabilising our economies, and the precedent of issuing common debt, are important and can form the basis of the design of a common Treasury ministry. In particular, the fact that flexibility and pragmatism are necessary to govern today should not lead us to discard the principles on which we have hitherto relied. The reality will likely be somewhere in between: in some sectors, not much will change; in others, existing technologies can and will be rapidly adapted. If its foundations are not to be built on sand, the construction of the future must involve all of us. “We can discuss the topics that divide us once the pandemic is over.” “Today, unity is not an option — unity is a duty,” Mr. Draghi concluded, to a standing ovation. Head of the European Central Bank at the time, Draghi’s words carried a lot of weight. The future need not be without reference points – which would lead, as it did in earlier decades like the 1970s, to erratic and less effective policies, to less internal and external security, to higher unemployment – if there is deep reform in the present. 20158 Milano (map), EVENT SITE All of this has deepened inequalities. In his first speech as head of government, Mr. Draghi addressed the Italian Senate for an hour through a white mask before a confidence vote for a broad unity government that he is assured to win. Mario Draghi said the European Union needs a common budget to battle recessions, as he made his initial speech in the Senate as Italy’s prime minister. Their reflections on the future began well before the war ended, and produced the fundamental principles of the world and European orders that we have known ever since. Indeed, precisely because economic policy today is more pragmatic and leaders can exercise more discretion, we need to be very clear about the objectives we set ourselves. Several eurozone members, most notably Greece, Portugal, Ireland and Spain, had been either unable to repay or refinance their government … PDF full text (93kb) | 10 pages. We must affirm our adhesion to Europe and its rules of responsibility, but also recognise our common interdependence and solidarity; we must recommit to multilateralism and a global rule of law. Speech by Mario Draghi, President of the ECB, on the award of Laurea honoris causa in law from Università degli Studi di Bologna, Bologna, 22 February 2019. Alessandro Grassani for The New York Times. He reasserted the country’s support for its Western allies in NATO, a reversal from previous governments that flirted with more authoritarian leaders. The creation of a European budget – which is the natural direction of the evolution of our institutional architecture – will one day correct the gap which still exists. The return to growth – of a type that respects the environment and does not demean the individual – has likewise become an absolute imperative. But we must not renounce our principles. When Draghi was tapped by Italian President Sergio Mattarella to step in as prime minister, he was already a household name. Mario Draghi warns that geopolitical risks are threatening the eurozone recovery, as he gives his final press conference as president of the European Central Bank Published: 24 Oct 2019 . Now is the time to demonstrate wisdom in choosing the future we want to build. Faced with this daunting prospect, governments – supported by central banks – have responded with extraordinary measures to support employment and income. ALESSANDRA TARANTINO/POOL/AFP via Getty Images Mario Draghi has broad support as he tries to form a new government and restore Italy’s credibility and clout in Brussels. Italian Prime Minister Mario Draghi set out an ambitious, firmly pro-European agenda for his new government. ROME — Italy’s new prime minister, Mario Draghi, appealed on Wednesday for unity and sacrifice as the country pushes forward with vaccinations and seeks to seize on a $240 billion European relief package to overhaul the economy and address persistent inequalities. On 26 January, after days of inconclusive negotiations … It is therefore our duty to equip them with the means to service that debt, and to do so while living in improved societies. But for others, activity is unlikely to return to the same levels that prevailed before the pandemic. But soaring oratory did not seem his strong suit, and attention in the chamber at times seemed to drift as lawmakers murmured. Virdru war hie vun 2005 bis 2011 Gouverneur vun der Banca d'Italia. The distinguishing characteristic of the government led by Mario Draghi leaves no room for doubt: it is an executive – as he emphasised in his programmatic speech to the Senate – born “in the wake of our country’s membership, as a founding member, of the European Union, and as a protagonist of the Atlantic Alliance, in the wake of the great Western democracies, in defence of their inalienable … He also envisioned new jobs, especially in Italy’s economically disadvantaged south. 4 See speech by Mario Draghi entitled "Unemployment in the euro area" at the Annual central bank symposium in Jackson Hole, 22 August 2014. We must now adapt, rather than abandoning the principles that have guided us in the past. Mario Draghi is a politician-turned-central banker rather than the other way round. Low interest rates are not in themselves a guarantee of sustainability: the perception of the quality of the debt incurred is just as important. But many today fear a destruction of human capital unseen since that great conflict. It is in his reputation for competence and getting things done. This has always been true. Speech by Mario Draghi, President of the European Central Bank, at the University of Helsinki, Helsinki, 27 November 2014 *** Summary. The Prime Minister Mario Draghi said so in his programmatic speech. Think, for example, of those leaders who, inspired by Keynes, met in Bretton Woods in 1944 to create the International Monetary Fund, or Alcide de Gasperi, who in 1943 set out his vision for a future Italian democracy, as well as the many others, in Italy, Europe and across the world, who were thinking about and preparing for the period after the war. Anna Irrera. Whereas the previous government came under criticism for what some considered a frivolous vision of flower-shaped pavilions as coronavirus vaccination sites, Mr. Draghi said inoculations needed to take place quickly and efficiently in every available public and private space, as any hope for easing Italy’s economic pain and guaranteeing the country’s recovery and future depended on first defeating the virus. Europe can emerge strengthened from this crisis. It is likely that our European rules will not be reactivated for a long time and certainly not in their current form. Fiera di Rimini 12 years ago, the financial crisis caused the greatest economic destruction we had ever seen in peacetime. +39 0541 783100, OPERATIVE SITE Mario Draghi, Italy’s new Prime Minister, delivered his programmatic speech in the Senate of the Republic, where, in the late evening, confidence will be voted after parliamentary discussions (while tomorrow it will be the turn of the Chamber of Deputies, ed.). In the aftermath of the Great Financial Crisis, we already saw the erosion of principles that were previously considered fundamental: the jurisdiction of the WTO, and with it the framework of multilateralism that had governed international relations since the end of World War II, was called into question by the countries that had designed it – the United States – and those that had benefited most from it: China. Head of the European Central Bank at the time, Draghi’s words carried a lot of weight. Our lack of visibility about when a vaccine will be found, and thus when we will be able to return to more normal relations, is profoundly unsettling. Mario Draghi said the European Union needs a common budget to battle recessions, as he made his initial speech in the Senate as Italy’s prime minister. But we must do even more to help the young: after all, the subsidies will end but they will be left with a lack of professional qualifications and experience, compromising both their freedom of choice and their earning potential later in life. Opinions are divided between those who believe that everything will return to the way it was before, and those who see this crisis as the beginning of a period of profound change. Central bank speech | 25 February 2019. by Mario Draghi. It was on this date a year ago that European Central Bank president Mario Draghi delivered the now famous speech in which he pledged to do “whatever it takes” to avert Eurogeddon. The subsidies will enable them to survive, to start again. Former European Central Bank President Mario Draghi warned governments to use the massive stimulus they’ve deployed in the coronavirus pandemic to upgrade their economies or … Former European Central Bank President Mario Draghi warned governments to use the massive stimulus they’ve deployed in the coronavirus pandemic to upgrade their economies or … Now leading the country with the oldest population in Europe, he emphasized a need to improve social services for pregnant women and new mothers, saying it was vital for “overcoming the choice between family and work,” especially in the country’s beleaguered south. Mario Draghi warns that geopolitical risks are threatening the eurozone recovery, as he gives his final press conference as president of the European Central Bank Published: 24 Oct 2019 . “The virus is everyone’s enemy,” Mr. Draghi said. The resilience of the euro area through many years of crisis has proven its critics to be wrong. De Mario Draghi, gebuer den 3. We need to support young people by investing in their education and training. In a speech - outside the eurozone in London ... What Mario Draghi did was an example of something that is sometimes known less formally as open mouth operations. But it will inevitably be accompanied by high stocks of debt for a long time. Nor should we forget that the strong and stable Europe we all want is one where responsibility goes hand in hand with, and legitimises, solidarity. Prime Minister Mario Draghi unveiled his government’s objectives and priorities in his maiden speech to the Italian Parliament. By. He called for overhauling the country’s tax code, bureaucracy and glacial judiciary, which often traps businesses in lawsuits and scares off foreign investors. For years, a form of collective selfishness has led governments to divert attention and resources towards initiatives that generated guaranteed and immediate political returns. “This is our mission as Italians: deliver a better and fairer country to our children and grandchildren,” said Mr. Draghi, 73, asking whether his generation was willing to undertake the sacrifices that “our grandparents and parents did for us.”. “Right now there is the virus to defeat, and jobs to save,” he said. We then experienced a second recession in Europe, and with it a further loss of employment. 12 years ago, the financial crisis caused the greatest economic destruction we had ever seen in peacetime. After such a succession of crises, the subsidies being provided in many countries are a first form of support by society for those who have been hit hardest, and in particular for those who have tried so often to regain their footing in the world. ... More details are expected in the coming days ahead of Draghi's first speech to Italy's parliament. This uncertainty about our frame of reference – which is usual when an old order is being challenged and a new order is yet to emerge – was then amplified by the pandemic. As a consequence, fiscal deficits and public debt have grown to levels previously unseen in peacetime. ROME — In the dark days of Europe’s financial crisis, Mario Draghi, then the head of the European Central Bank, famously said he would do “whatever it takes” to save the euro. In the past decade, Italy’s populists rose in popularity in part by questioning whether the country benefited from the single European currency or would be better off without the economic constraints that come with it. And the more that perception deteriorates, the more uncertain our framework of references will become, which would jeopardise employment, investment and consumption. “But it’s a duty driven by what I am certain unites everyone: the love of Italy.”, Italy’s New Prime Minister Appeals for Unity and Sacrifice, Mario Draghi, back center, spoke on Wednesday of a chance for Italy to “begin a new reconstruction.”. He then faces a confidence vote in the chamber. We must accept the inevitability of change with realism and, at least until a remedy is found, we must adapt our behaviours and policies. La scesa storica dell'euro è stata legata alle aspettative sulle mosse dell'Eurotower, nonché sul crollo del prezzo del petrolio e il declino di quelle che sono le riserve di … This need for collective affirmation of the values that hold us together, and for a shared vision of the future we want to build, applies as much at the European level as it does within our own countries. So my message to you today is not a lesson in economic policy. The protection of the environment, and the adaptation of our industries and lifestyles, is considered by 75% of people in 16 major countries to be the priority for governments, after what can be considered the greatest public health disaster of our times. In the future, we can therefore hope that the decision-making process will once again become less difficult, reflecting the conviction, felt by most people, of the need for a strong and stable Europe, especially in a world that seems to doubt the system of international relations that has given us the longest period of peace in our history. Only then, with the clear conscience of those who have fulfilled their own responsibilities, will we be able to say to the youngest in society that the best way to find your direction in the present is to design your future. Digitalisation has been imposed by the change in our working patterns and accelerated by the pandemic, but is destined to remain a permanent feature of our societies: in the United States, it is estimated that a fifth of office days have now permanently shifted to homes. The words of John Maynard Keynes, the most influential economist of the 20th century, remind us that “when facts change, I change my mind. The last speech from Mario Draghi, the central banker that saved the euro and pioneered innovation in monetary policy. This is vital to ensure that the economic policies being pursued today are sustainable; to provide income security, especially for the poorest; to strengthen a social cohesion made fragile by the experience of the pandemic and the difficulties that exiting the recession will create in months to come; and to build a future whose contours are already visible to our societies today. A framework in which long-term objectives are intimately connected with short-term ones is essential to restore certainty to households and businesses. 9 of 14 10 of 14 Italy's Prime Minister Mario Draghi applauds following the speech of the Senate speaker, prior to himself addressing the Senate the … Active participation in the society of the future will require today’s youth to dispose of an even greater capacity for discernment and adaptation. Introductory speech by Mr Mario Draghi, President of the European Central Bank, at a panel on "The future of financial markets: A changing view of Asia" at the Annual Meeting of the Asian Development Bank, Frankfurt am Main, 2 May 2016. Then it would no longer be possible to say, as some have done, that the changes brought about as a result of the pandemic are temporary. Mario Draghi, President of the European Central Bank. (ANALYSIS) The year was 2013 and Mario Draghi had delivered a speech about economic policy in Munich. Mario Draghi OMRI (Italian: ... During his first speech as Prime Minister to both houses of the Italian Parliament, Draghi stated that the Italy that emerged after the COVID-19 pandemic would have to undergo a period of reconstruction similar to post-World War II Italy, and that it would be his government's responsibility to begin this process. 5 Average cyclically adjusted primary balance as a percentage of potential GDP. 47923 Rimini (map) As I have already underlined, the emergency we face requires more discretion on the part of governments than in ordinary times. It is a great honour to be speaking here today at the University of Bologna. Mr. Draghi’s power, however, is not in his charisma. The Prime Minister Mario Draghi said so in his programmatic speech. We do not know when a vaccine will be discovered or what our world will look like then. Prime Minister Mario Draghi unveiled his government’s objectives and priorities in his maiden speech to the Italian Parliament. It is in the nature of the European project to evolve gradually and predictably, with the creation of new rules and new institutions. He gives lots of suggestions for the improvement of the stability of the eurozone and calls for a stronger commitment from governments to work towards a … But the state of emergency and the measures it has justified will not last forever. Zanter dem 13. As Europe’s oldest university, it has been at the heart of education and learning in Europe for over 900 years. Speech by Mario Draghi, President of the European Central Bankat the Global Investment Conference in London26 July 2012 I asked myself what sort of message I want to give to you; I wouldn’t use the word “sell”, but actually I think the best thing I could do, is to give you a candid assessment of how we view the euro situation from Frankfurt. The mobilisation of all available resources to protect the workers and businesses that make up the fabric of our economies has prevented an inevitable recession from turning into a prolonged depression. Mario Draghi, President of the European Central Bank (ECB), is scheduled to deliver his remarks on monetary policy outlook in a press conference at 12:30 GMT. The mention of Mr. Conte’s name prompted both applause and jeers and Mr. Draghi quickly moved on and made clear that Italy was now on a new path. This objective is challenging, but it is not unattainable if we succeed in dispelling the uncertainty hanging over our countries today. The introduction of the euro followed logically from the creation of the single market. The new prime minister said that supporting his government meant “sharing the perspective of an ever-closer European Union” as he sat beside a cabinet member from Mr. Salvini’s party, which has accused the European Union of meddling in Italy’s affairs. Several countries, not least Greece, have undertaken remarkable efforts in order to thrive as members of the monetary union. The banking sector has been mobilised to continue to provide credit to businesses and families. It is a great honour to be speaking here today at the University of Bologna. The former president of the European Central Bank was appointed as Prime Minister almost two weeks ago, and today he finally unveiled the core of his future policies after listening to the proposals coming from political parties and civil society. But today’s situation requires a special, additional form of commitment. He articulated Italy’s existential challenges, which he called the most severe since World War II. The last speech from Mario Draghi, the central banker that saved the euro and pioneered innovation in monetary policy. Mario Draghi arrives to give a speech after a meeting with the Italian president, at the Quirinal palace in Rome, on Feb. 3, 2021. We overcame all of these trials. via Emilia, 155 “Real gender equality does not mean a self-righteous respect of the quotas for women required by the law,” Mr. Draghi said, calling for a real equality in working conditions. In that case, it will be seen as “good” debt. As president of the European Central Bank (ECB), Mario Draghi has presided over an era of disintegrating faith in EU, notable in the 2016 Brexit vote. It is a call of a more ethical nature to face together the challenges of reconstruction and to re-affirm the values and objectives on which we want to rebuild our societies and economies, in Italy and in Europe. “Supporting this government means endorsing the irreversibility of the choice of the euro,” Mr. Draghi said, a clear response to Matteo Salvini, the leader of the nationalist League party, who said on Tuesday that only death was “irreversible.”. Draghi looks to have support from across the political spectrum for a government tasked with … The words of Reinhold Niebuhr's “serenity prayer” come to mind, asking the Lord: Give me the serenity to accept the things I cannot change. Mario Draghi is a politician-turned-central banker rather than the other way round. LEGAL AND OPERATIVE SITE Economic policy must not compound the uncertainty already being caused by the pandemic and rapid change. Draghi’s speech at Rimini Meeting. 18 August 2020. The pandemic has severely tested social cohesion across the globe and resurrected tensions even between European countries. Leaving aside the national agenda of individual governments, the direction of this common response has been correct. In a speech largely devoid of politics, he offered one sharp brushback to the populist forces in his government after one of their leaders raised doubts about Italy’s commitment to remaining in the eurozone.
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