Difesa

The polls are clear that citizens feel an increasing sense of external threat, not least since the Russian invasion, which makes paralysis increasingly unattractive. The case for exit has moved from theory to reality with Brexit and whether there are net benefits remains highly uncertain. And so, the relative costs of further integration are now lower. Whichever route we take, we cannot stand still or – like a bicycle – we will fall over. The strategies that had insured our prosperity and security in the past – reliance on the USA for security, on China for exports and on Russia for energy – are either insufficient, uncertain or unacceptable. The challenges of climate change and migration only add to the sense of urgency to enhance Europe’s capacity to act. We will not be able to build that capacity without reviewing Europe’s fiscal framework, and I have tried to outline the directions this change might take. But ultimately the war in Ukraine has redefined our Union more profoundly – not only in its membership, and not only in its shared goals, but also in the awareness it has created that our future is entirely in our hands – and in our unity.

2023, 15th Annual Feldstein Lecture, Mario Draghi, "The Next Flight of the Bumblebee: The Path to Common Fiscal Policy in the Eurozone"