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August 18, 2020 "When confidence began to consolidate and with it the economic recovery, we were hit even harder by the explosion of the pandemic: it threatens not only the economy, but also the fabric of our society, as we have it known so far; it spreads uncertainty, penalizes employment, paralyzes consumption and investments ". These are the words of former ECB president Mario Draghi speaking at the opening day of the Meeting for friendship among peoples in Rimini.

"Economic policy does not add uncertainty"
In addressing the current crisis linked to the coronavirus pandemic, "pragmatism is necessary", with the direction of responses that, "beyond individual national agendas, have been corrected", underlines Draghi. "Many of the rules that governed our economies up until the start of the pandemic have been suspended to make room for a pragmatism that better responds to the changed conditions," he highlighted. "We must accept the inevitability of change with realism and, at least until a remedy is found, we must adapt our behaviors and policies. But we must not disavow our principles. Economic policy is not expected to add uncertainty to that. caused by the pandemic and the change. Otherwise we will end up being controlled by uncertainty instead of being controlled by it. We would lose our way, "added Draghi.

"Well subsidies, but give more to young people"
"In this succession of crisis the subsidies that are distributed everywhere are a first form of closeness of society to those who are most affected, especially those who have often tried to react. subsidies are used to survive, to restart "said Draghi" To young people - he added - we must, however, give more: subsidies will end and there will remain the lack of a professional qualification, which will be able to sacrifice their freedom of choice and their future income " .

"Education is an essential sector for growth"
There is "a sector, essential for growth", where "long-term vision must be combined with immediate action". This is "education and, more generally, investment in young people", reiterated Draghi. "The present situation - added Draghi - makes a massive investment of intelligence and financial resources in this sector imperative and urgent. Participation in the society of the future will require today's young people even greater capacities for discernment and adaptation".

"School closure has interrupted educational path"
Regarding the lockdown Draghi stressed the increase in inequalities due to the closure of schools and the risks to work: "In the second quarter of 2020 the economy contracted at a rate comparable to that recorded by major countries during the Second World War. Our freedom of movement, our very physical and psychological human interaction - he adds - have been sacrificed, entire sectors of our economies have been closed or put in a position not to operate. dramatic increase in the number of people deprived of work which, according to initial estimates, will be difficult to reabsorb quickly, the closure of schools and other learning places have interrupted professional and educational paths, have deepened inequalities "

" We cannot accept a world without hope "
" Society as a whole cannot accept a world without hope, but it must, collected t all their energies, and rediscovered a common feeling, seek the path of reconstruction ".

"It is time for wisdom in choosing the future to be built"
"All available resources have been mobilized to protect the workers and businesses that make up the fabric of our economies". Mario Draghi said this at the Meeting for friendship among peoples in Rimini. "We have avoided - he added - the recession from turning into a prolonged depression. But the emergency and the measures it justified will not last forever. Now is the time for wisdom in choosing the future we want to build".

"Reconstruction will be accompanied by high debt"
A future remembered by the former ECB governor will be marked by high debt. "Reconstruction will inevitably be accompanied by stocks of debt destined to remain high for a long time. This debt, underwritten by countries, institutions, markets and savers, will be sustainable, that is, it will continue to be underwritten in the future, if used for production purposes - for example investments in human capital, in infrastructures crucial for production, in research, etc. -, that is, if it is "good debt". Its sustainability will diminish if it is used for unproductive purposes, if it is considered "bad debt". 

"The debt created with the pandemic it is unprecedented and will have to be repaid mainly by those who are young people today. It is our duty - he adds - to ensure that they have all the tools to do so while living in better societies than ours. For years a form of collective selfishness has induced governments to distract human capacities and other resources in favor of objectives with more certain and immediate political return: this is no longer acceptable today. Depriving a young person of the future is one of the most serious forms of inequality ".