In his now famous, perhaps historical, “the ECB is ready to do whatever it takes to preserve the euro” speech of President Draghi, there are a couple of additional points which deserve our consideration.
One is about progress:
“Progress has been extraordinary in the last six months. If you compare today the euro area member states with six months ago, you will see that the world is entirely different today, and for the better”.
Another one is about #moreEurope:
“The last summit was a real success because for the first time in many years, all the leaders of the 27 countries of Europe, including UK etc., said that the only way out of this present crisis is to have more Europe, not less Europe. A Europe that is founded on four building blocks: a fiscal union, a financial union, an economic union and a political union”.
Hence, President Draghi made his now famous statement, which deserves to be read in its full clarity:
“When people talk about the fragility of the euro and the increasing fragility of the euro, and perhaps the crisis of the euro, very often non-euro area member states or leaders, underestimate the amount of political capital that is being invested in the euro”.
“We think the euro is irreversible…But there is another message I want to tell you.
Within our mandate, the ECB is ready to do whatever it takes to preserve the euro. And believe me, it will be enough”.
Let me now remind what Benjamin Franklin replied, when someone stated to him, in 1776, “We need to hang out together”.
“Yes, was his reply, we need to hang out together, otherwise we will hang out separately”.
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