For years they have been among the key figures of continental policy, in economic and financial theme. Romano Prodi gave us the single currency (making Italy lose his billion of GDP), Mario Draghi defended him with his teeth. But both are no longer so proud of their creature …
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The declarations of Draghi, Prodi and Monti on Europe
August 21stal Rimini friendship meeting, Mario Draghi He thundered: “Europe is marginal and spectator, the illusion of an EU that has power has evaporated”.
August 27thin an interview a The Republic, Romano Prodi He continued the reasoning: «The European Union is not playing. In a few in the press they painted Washington’s meeting in the right figures. That is, the European school group that takes lesson from the professor in the chair … Draghi makes a perfect analysis, but focuses only on economic solutions. Do you have to make common debt? Certain. But even more common defense, common foreign policy are needed. The Eurobonds are fine, I have been saying it for years. But we have to do politics ».
August 28th he was fighting Mario Montithat al Corriere della Sera He said: “Europe has already fallen into irrelevance, but is not condemned to remain there. To get out we have to leverage two resources: our dignity and many potential allies ».
Eurotassa, euro and loss of competitiveness
Have passed 29 years Since it was 1996, Romano Prodi then president of the Council imposed theEurotassa. A forced withdrawal of 4,300 billion lire that had been preceded four years earlier from 6 per thousand which Giuliano Amato subtracted night from the current accounts. The goal was to enter the euro at any cost. Romano Prodi then said: “Italy’s entry into the euro remains as one of the highest points of our recent national history”.
There are those who have done the accounts. The CEPGerman thinking contested by many economists, claims that theItaly with the euro has put us back 4,300 billion euros of GDPwhile the Germany has gained 1,800 billion. It was written from the beginning and knows Mario Draghi, who was next to Carlo Azeglio CiampiTreasury Minister, on the fateful night of the pact on the fixed gearbox. The Italian industrialists wanted a lira-friendly change at 1,200, Helmut Kohl It did not ungot for 990. Result: We lost competitiveness with a signature. To which it was added The inflation differential which for Italians meant 32 percent of purchasing power in a quarter of a century.
The euro between salvation and crisis
In 2019, however, Prodi Ripete (interview with Repubblica) «L ‘Euro saved Italy». Three years later, in the twenty years of the single currency, he will say in Brussels next to Ursula von der leyen: «Very positive balance: if today we progress with the European project, it is because we have placed the foundations with theeuro which is the strongest and most innovative pillar in Europe. However, we intended to obtain an economic area comparable to that of the United States. The crisis and disagreements between the various European countries have postponed this goal. Despite this, the story showed how wrong people had people, including Nobel prizes, who claimed that the euro had no possibility of surviving. ” In the same hours, however, the then governor of the Bank of Italy He almost made a prophecy of the current repentance of Romano Prodi.
The node of the coin without a state
Will say Ignazio Visco: «A coin without a state can last up to a certain moment, then there is a need for a state and a budget union; there ECB It is the only central bank of a set of countries that does not have a federal structure ». But the former president of the European Commission who opened the market to China without a condition a year later, in a conference a Beijingwhere he has a chair thanks to the Agnelli Foundationhe will say: “Let us remember that if we are not together we do not count for anything and secondly that the common currency is one of the foundations of the unit. The modern state is based on money and army. We don’t have the army, but the coin yes ». In the Prodi optimistic forecasts it is in excellent company.
From farewell to lira to “Whatever it Takes”
Mario Monti As a European commissioner (it was 2001) he sentenced: «Dear Lira, I leave you with nostalgia, but without regrets. As a coin scholar, for decades you gave me emotions: what a passion to observe and scrutinize yourself, unpredictable as you were! The euro will be more boring ».
Never annoying case for the Italians forced to pull the belt. We are the only country that has the balance of the budget in the Constitution and that from ’95 to today (except for the two governments Count) has maintained the primary surplus constant. The consequence of the directives of Mario Draghi, who in pronouncing the excommunication of current Europe recalled how in his degree thesis “I claimed that the single currency was pure madness”.
Missed reforms and the future of the euro
Yet he worked in tirelessly from 1992 As director of the treasure, when he gave way to state privatizations (which Romano Prodi also transformed in good opportunities for friends), from governor of the Bank of Italy and then as president of the ECB. His has remained famous Whatever it Takes – corresponds to “Todo Modo”, the motorcycle of the Jesuits of which Draghi was a schoolboy and who shaped its character and ways – pronounced in 2014 to convince the Germans To give up the grip on the purchase of the securities and save the euro.
Draghi then bet on that Europe tears and blood: other than common debt! He already did it in the famous letter of 2011 signed with Jean Claude Trichet who was about to give him the place to the ECB. Determined the fall of Berlusconithe rise of Mario Monti created in great hurry senator for life from Giorgio Napolitano. In the preamble of the letter there is an unwavering faith in German -wheel drive Europe. Mario Draghi writes: “All the Euro countries solemnly reaffirm their inflexible determination to fully honor their individual sovereign signature and all their commitments for sustainable budget conditions and for structural reforms”.
Of these reforms will not do even one. Yet in 2019, when leaving the ECB, Mario Draghi, the one that today imitates Gino Bartali with his proverbial “It is all wrong with him all to be redone”, solemn proclaims: “TheMonetary union It can last and thrive: I am optimistic about the future of Europe. They met many obstacles and had to face many criticisms. They have nevertheless demonstrated their value and today they are those who doubted to be questioned ».
It seems a century and instead I am just 65 months ago. He was right John Kenneth Galbraith: “The sole function of the forecast in the economic field is to make even far more respectable astrology”.
