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October 28, 2019The ceremony of handover between the outgoing president of the ECB, Mario Draghi, and Christine Lagarde, who takes the baton for the next 8 years, began with an all-German punctuality and with a string quartet. Draghi personally welcomed German Chancellor Angela Merkel, French President Emmanuel Macron and Italian President Sergio Mattarella at the entrance of the Eurotower.

Lagarde: thanks for wisdom and determination
"Thank you for your wisdom and your determination". Christine Lagarde thus turns to Mario Draghi on the occasion of the farewell ceremony of the former governor of the Bank of Italy, by the presidency of the ECB. "Your inheritance", added the former general director of the IMF, who will succeed Draghi on November 1st, "has taught us to excel and exceed expectations".

Merkel: Draghi contribution to economic stability
"Under your leadership, the ECB has made an important and crucial contribution to the stability of the Eurozone". This was stated by German Chancellor Angela Merkel in her speech at Mario Draghi's farewell ceremony for the presidency of the European Central Bank. "You were able to do it quickly because you are an independent institution," German policy explained, adding that "we need to be able to defend this independence", especially in difficult times for the economy. Merkel then recalled how Draghi and his colleagues at the ECB "resolutely lined up on the international scene" for the eurozone, citing the famous "whatever it takes".

Mattarella: change of pace is needed to complete the European construction site
To complete the European construction site, in the current context, a change of pace is needed, including from the European Parliament. This was stated by the President of the Republic, Sergio Mattarella, at the greeting ceremony of the ECB president, Mario Draghi, who ends his term at the end of the month. "We cannot forget - observes Mattarella - that the competition with the great economic areas of the world has become very strong, that the dimension is - even more than in the past - an essential element to influence the course of events to protect our society and our citizens. Completing the 'European construction site' becomes - in the current context - existential necessity if the Union intends to concretely become 'global actor'. The president of the Republic adds: "the quantity and quality of the steps and interventions necessary to cope the new international condition needs a further and responsible 'change of pace', to which the European Parliament cannot be an expression of the European peoples ". Mattarella recalls Draghi's courage in pronouncing the famous phrase of the 'whatever it takes 'at the height of the crisis (July 2013, ed.) "I don't think it was easy for President Draghi, in the midst of the crisis , affirm: 'whatever it takes'. All that is necessary, as long as it is necessary, for the good of Europe and of future generations. This is what we all absolutely have to do. Professor Draghi, as a European citizen I would like to thank you. "

"Solid economic system, Euro has popular support"
"Today we can say that the European economic system is more solid". It is the balance drawn by Sergio Mattarella during the farewell ceremony to the president of the ECB. "Employment has grown and is on average higher than in 1999. The banking system, under the single European supervision, is more compact. The integration between the economies, and therefore the convergence between Member States, is high, but above all - and this represents one of the greatest results of these years - the popular support for the Euro has returned to be particularly high ", noted the President of the Republic.

Macron with Draghi: yes to government budget stimulus
European governments must support the ECB's appeal to an expansive fiscal policy that supports the ECB's monetary policy. French President Emmanuel Macron said this in response to Mario Draghi in Frankfurt. "With the unanimous support of the Governing Council of the ECB, you have" invited governments to act resolutely effectively and promptly, "Macron said." It is now up to us, dear leaders - Macron said in the presence of Angela Merkel - "to carry on this task".