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January 31, 2020 "Too often there has been a lack of respect and good manners towards you, dear Herr Draghi". This was said by German President Frank Walter Steinmeier, in Bellevue, at the ceremony for the delivery of the cross of merit to Mario Draghi. "I am concerned about the lightness with which you point your finger at Frankfurt," he added. "We only have one ECB. Germany needs the ECB and the ECB needs Germany." Steinmeier hopes that the debate will remain "objective" and that "the misunderstandings between the ECB and German public opinion will be overcome".

Bild and Handelsblatt attack
Bild and Handelsblatt shoot zero at Mario Draghi, the former ECB president who received the "Bundesverdienstkreuz erster Klasse" at Palazzo Bellevue, residence of the President of the German Republic, that is, the first-class federal cross of merit, from the hands of Frank-Walter Steinmeier.

"How can a man who has deprived millions of German savers of their interests be rewarded", rhetorically asks the tabloid who last September coined the nickname "Count Draghila" for the Italian. The authoritative economic newspaper reinforces the question with a YouGov survey, according to which 60% of respondents believe that Draghi, supported above all by the Greens, should not be rewarded.

Draghi: euro was and remains the heart of the Europe project
"The euro was and remains the 'heart' of our common European project". Draghi said it in Bellevue, Berlin. Draghi cited the centrality of the "culture of stability" in this project and respect for the rules, such as "Euro DNA".

"For the EU new challenges from climate to inequality"
"To preserve our European project, we must be able to face the new challenges that await us in relation to climate change, inequality and the weakening of the post-war global order," added the ex-president of the ECB. "To do this - Draghi said - we need different areas of jurisdiction to cooperate and strengthen each other, and we should never forget that we are stronger together. I am confident that even in the presence of these new challenges and external threats, we will find the purpose and the strength to go forward together in Europe and I thank you for the honor you give me today ".

In his speech Draghi recalled the principles that guided him during his presidency, namely knowledge, humility and courage. "Knowledge in this context meant basing decisions on facts and nothing else - said Draghi - and the ability to change your mind in the face of new substantial evidence. Humility meant always acting according to the
mandate established by law. Respect for the law implies limits, but also obligations: when policymakers are bound by a mandate, they must pursue their mission, even when it is difficult to do it - in fact, especially when it is difficult to do it. "For the ECB - added Draghi - to renounce the mandate "was never an option, because it would have meant failing in the face of the rules we must adhere to, the elected bodies for which we are responsible and the people who ratified the Treaty".

"So when the decisions of the ECB were, on some occasions, contested in court - Draghi underlined - from my point of view, this was always a welcome development, because it allowed the court to clarify what the law required of us This gave the ECB the strength and confidence needed to fulfill its mandate. " As for the third principle, that of courage, this meant "acting to fulfill the mandate in the presence of an uncertain situation and in the face of criticism". In this regard, Draghi thanked Steinmeier and Merkel for the support given in the most difficult moments. "The actions of the ECB have been made even more powerful - he observed - by the constant support of political leaders. By defending and strengthening our independence, you have preserved the credibility of the ECB as an institution and its monetary policy. President Steinmeier, Chancellor Merkel, you you have consistently lined up alongside us at a time when other major central banks have faced increasing political pressure. " A clear reference to the Fed, whose President Jerome Powell has long been under heavy pressure from Donald Trump to cut rates so
substantial.