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Level 1. During the 2012 financial crisis, Mario Draghi famously promised to do “whatever it takes” to save the euro.
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And he saved the currency you now use every day. But the price was high.
Draghi was the face of austerity. And if you are from southern Europe, you know exactly the meaning behind cuts, unemployment, and a legendary battle with his nemesis, Greek Finance Minister Yanis Varoufakis.
Varoufakis wanted to end the belt-tightening, but Draghi pulled the plug on Greek banks to force a deal.
Level 2. Fast forward to 2026. The EU is losing the game against the US and China, his new power-up is called “Pragmatic Federalism.” Translation: a two-speed Europe.
If 27 EU members cannot agree, the willing ones should run ahead, united by common borrowing to fund defence and tech.
And just like in a video game, our Mario is arriving Thursday at a real castle – Alden Biesen in Belgium. He must convince 27 leaders to share the credit card bill.
But here is the glitch.
Draghi can write the cheat codes. But he is not holding the controller. The European leaders are.
And remember, in a video game, if you lose, you just press “Restart”. But in the real economy, there is no restart button.
So, will he do whatever it takes to save the princess?
We are about to find out.
Read the full article here
