Draghi: EU goes ahead with the reforms – there is no space for nationalism

For the President of the European Central Bank they must complete the banking union, implement fiscal consolidation policies and structural reforms on the market: “Strengthen confidence”

Go ahead with the reforms because “there is no place to retreat into nationalism or protectionism” in the European agenda. Mario Draghi, the European Central Bank President, strongly emphasizes the importance of continuing the journey undertaken at the European level, while speaking today at the conference “Money and monetary institutions after the crisis” in memory of Curzio Giannini, an Economist and Director of the Bank of Italy.

“Completing the banking union, implementing policies for fiscal consolidation and structural reforms in product and labor markets” are, according to the number one Eurotower, the key points on which to continue working. “I have no doubt – Draghi said – that these reforms will pose benefits and strengthen confidence, even though some might be opposed by vested interests or could involve costs in the short term.”

Draghi emphasized that in this context the Central Bank’s task is to “continue to focus on price stability in the medium-term: the only way to maintain trust.”  In fact, the President of the ECB said the mandate of delivering price stability should be seen in broad terms and not just considered in the short-term outlook for inflation. He stressed that the European Central Bank “is powerful; it is an independent body, but is not elected.” For this reason, in order to be credible “they must maintain their independence within the mandate.”

“The crisis – said Draghi – showed some weaknesses in our European construction, but I am convinced that together we will be able to fill these gaps and emerge from the crisis with a stronger Europe.”