Mario Draghi is speaking in Rimini today. It is his first meaningful speech since he left the presidency of the European Central Bank. Here are a few highlights from his intervention: #Draghi

Draghi: "Economic policy must not compound the uncertainty already being caused by the pandemic and rapid change. Otherwise we will end up being controlled by uncertainty instead of us controlling it." #Draghi (2/n)

Draghi: "The mobilisation of all available resources to protect workers and businesses ... has prevented an inevitable recession from turning into a prolonged depression. But the state of emergency and the measures it has justified will not last forever." #Draghi (3/n)

Draghi: "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" #Draghi (4/n)

Draghi: "If ... debt is used for unproductive purposes, it will be seen as “bad” debt and its sustainability will be eroded. Low interest rates are not in themselves a guarantee of sustainability" #Draghi (5/n)

Draghi: "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 no longer acceptable today" #Draghi (6/n)

Draghi: "The emergency we face requires more discretion [from] governments than in ordinary times. This imparts on them a greater duty of transparency in their actions, and a greater obligation to explain how those actions are consistent with the mandate they have received" (7/n)

Draghi: "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" #Draghi (8/n)

Draghi: "We need to support young people by investing in their education and training. Only then [...] will we be able to say, in particular to the youngest in society, that the best way to find your direction in the present is to design your future" #Draghi (9/n)

In short: Draghi blends Keynesianism and classical liberalism. He says extraordinary government intervention is justified, but begets utmost transparency and responsibility especially towards young people, who risk paying the highest price for the economic crisis. #Draghi (10/10)