The former president of the ECB and former prime minister of Italy, Mario Draghi, issued a dramatic warning about the future of the European Union, highlighting the dangers of division and deindustrialization.
From the podium of the University of Louvain in Belgium, where he was awarded an honorary doctorate, the Italian economist outlined an ominous future for the Old Continent, which – as he stressed – is threatened with “subjugation and economic contraction” if it does not proceed with radical institutional changes.
Mr. Draghi particularly focused on the collapse of the international legal order, noting that the real threat lies in the uncertainty of the next day. In this context, he was unusually harsh in his criticism of United States policy.
“The United States is imposing tariffs on Europe, threatening our territorial integrity and making it clear, for the first time, that it considers the political fragmentation of Europe useful for its interests,” he said, among other things.
The great dilemma for Europe
“Europe is at a critical crossroads,” said the Italian politician. According to him, the EU it is called upon to choose between its evolution into a real federation of states with international power or its final slide to the margins of the world stage.
Concluding his speech, Mario Draghi reminded that Europe has already proven its strength in the areas where it has chosen the single direction. He underlined that in monetary policy, the single market and trade, the Union is treated as a force to be reckoned with precisely because it negotiates with “one voice”.
