RIMINI – The ex-chief of the European Central Bank, Mario Draghi, has stolen the limelight at the annual Catholic Rimini Meeting with an urgent speech warning “we have to give more to young people.”

 At this year’s Meeting for friendship among peoples, a Catholic meeting in Rimini held every year since 1980, Draghi won acclaim from many politicians for his forward-looking speech. Draghi highlighted the effects of Covid on younger generations of the pandemic, saying “The debt created by the pandemic is unprecedented and will principally have to be paid back by those who today are our youth.”

 Commentators have suggested that Draghi was questioning Conte’s government when he warned “the subsidies will come to an end and there will remain a lack of professional qualifications, which might sacrifice young people's freedom of choice and their future earnings.” The economic effects of the pandemic have led to much borrowing on behalf of the government and an ever-increasing debt. Draghi conceded that extreme circumstances meant the government’s “pragmatism” was laudable but heeded caution in the future to invest and encouraged generating a “good debt” rather than a “bad debt.”

 Draghi also touched upon how the pandemic might affect the future on the EU, a question of great importance in Italy where many felt the EU let down the country in not being supportive enough as the first wave of the virus hit. He advocated for solidarity and unity in the rebuilding of the European economy after the pandemic and suggested that if dealt with correctly “Europe can emerge strengthened from this crisis.”  

 The success and widespread coverage of Draghi’s speech have prompted calls for him to potentially step forward as a candidate for Italian Prime Minister in the future. Paolo Gentiloni, former Prime Minister of Italy and current European Commissioner for Economy, posted on his Twitter account a telling response “Listen to Draghi.” Meanwhile Democratic Party politician Andrea Marcucci wrote “Important words from Mario Draghi in Rimini. His solution characterized by pragmatism and flexibility should inspire Parliament and government.”

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