Mario Draghi at Rimini Meeting 2025: Reflects on Early Euro Skepticism and EU Challenges
Rimini, Italy – August 22, 2025 – During his speech at the Rimini Meeting on August 21, 2025, former European Central Bank (ECB) President and Italian Prime Minister Mario Draghi reflected on his 1970 university thesis, where he critiqued the concept of a single European currency, stating, “When I wrote the degree thesis, I claimed that the euro was a great nonsense.” This candid admission, reported by HuffPost Italia, underscores Draghi’s evolving perspective on the euro, which he later championed during the Eurozone crisis with his famous 2012 pledge to do “whatever it takes” to save it. His Rimini remarks, part of a broader discussion on European competitiveness, also addressed the European Union’s diminishing global influence, declaring, “The illusion of an EU as a global power has evaporated.”
Context of the Rimini Speech
Draghi’s appearance at the Rimini Meeting, a prominent cultural and political event organized by the Communion and Liberation movement, focused on the challenges facing the EU, drawing from his September 2024 report, The Future of European Competitiveness. He highlighted the EU’s economic lag, noting a 15% GDP decline relative to the U.S. between 2002 and 2023 due to lower productivity and innovation gaps. Draghi called for radical reforms, including €800 billion in annual investments, deeper integration, and a shift toward domestic growth, as echoed in X posts by @heimbergecon and @NXT4EU. His thesis remark was a reflective aside, acknowledging his youthful skepticism about the euro, which he wrote about at age 23 while at Sapienza University of Rome under the supervision of Nobel laureate Franco Modigliani.
Draghi’s Thesis and Evolution on the Euro
In a 2012 speech at Sapienza, Draghi elaborated on his thesis, titled Towards the Start of a Single Currency, which argued that the economic preconditions for a unified currency were lacking, a view he later said was proven wrong by the euro’s resilience. As ECB President from 2011 to 2019, Draghi became known as the “savior of the euro” for his bold monetary policies during the Eurozone crisis, including quantitative easing and bond purchases, which stabilized markets, as noted in Bloomberg (2012) and The New Yorker (2014). His Rimini comment reflects a nuanced perspective: while he once viewed the euro as “nonsense,” he now sees its survival as a testament to political will, though he warned that the EU’s global influence has waned, stating, “Europe has applied my ECB dictates to the letter, and now it’s in trouble,” per an X post by @gr_grim.
Broader Themes and Criticisms
Draghi’s Rimini speech emphasized the EU’s need to overcome its “inward focus” and address external competitiveness, criticizing past reliance on cheap Russian energy, Chinese markets, and U.S. security, as outlined in The Draghi Report (2024). He proposed a “European preference principle” for procurement and increased defense spending to reduce reliance on external powers, ideas that have stirred debate. Critics on X, like @CesareSacchetti, argue that Draghi’s austerity policies as ECB President suppressed domestic demand, contradicting his current push for growth, while @zerohedge suggested his 2012 euro-saving measures propped up a “fake currency.”
Implications for Europe
Draghi’s remarks at Rimini, coupled with his thesis reflection, highlight the tension between his early academic skepticism and his later role as a euro advocate. His call for €800 billion in annual investments, including €200 billion for research and innovation, faces resistance from “frugal” EU states, as noted in IRIS (2024). The speech also reignited discussions about his legacy, with supporters crediting his ECB tenure for saving the euro, while detractors argue his policies entrenched austerity, per NPR (2022). Chicago’s legal community, navigating its own federal oversight concerns, may draw parallels to Draghi’s warnings about centralized overreach versus local autonomy.
Conclusion
Mario Draghi’s Rimini admission about his 1970 thesis reveals a personal evolution from euro skeptic to its defender, while his broader critique of the EU’s fading global power underscores urgent challenges. His call for transformative investment and integration faces political hurdles, but his candid reflection resonates as a reminder of the euro’s complex journey. As Europe grapples with its economic future, Draghi’s speech serves as both a historical footnote and a rallying cry for reform.
For more details, visit HuffPost.it or MeetingRimini.org.