Lagarde: Courage needed to build enduring Europe
Christine Lagarde praised Mario Draghi's leadership in building European institutions. Speaking in Aachen, she urged current leaders to show similar courage to complete Europe's unfinished work.
Draghi's defining interventions
Mario Draghi's commitment to European unity was evident throughout his career, from negotiating the Maastricht Treaty as Director General of the Italian Treasury to leading the European Central Bank.
As ECB President, he faced the sovereign debt crisis, where his pledge to do 'whatever it takes' to preserve the euro became a pivotal moment.
This act of institutional leadership clarified the euro's irreversibility and bought Europe crucial time.
Lagarde recalled the deep uncertainty of that period, noting that Draghi understood inaction was also a policy choice with grave consequences.
His intervention initiated an evolution for the ECB and facilitated the reinforcement of fiscal rules, creation of new crisis mechanisms, and the start of banking union.
Draghi consistently followed the pattern of true European statesmanship, creating conditions for stronger institutions.
Enduring institutions, not just leaders
Lagarde drew two lessons from Charlemagne's legacy: the importance of remarkable individuals in decisive historical moments, and the necessity of building enduring institutions beyond singular leadership.
Post-war European leaders like Jean Monnet and Robert Schuman embodied this by establishing shared governance through the European Coal and Steel Community, setting a precedent for states to secure their future by sharing authority.
Jacques Delors continued this tradition, driving the Single Market project and recognizing its logical progression towards monetary union.
This confident Europe, shaped by its values, provided the context for Draghi's generation, who helped build the common currency, the euro.
Unfinished work, urgent call
Europe's institutional strengthening is an ongoing task, with new global challenges exposing persistent gaps.
Lagarde highlighted supply chain fragilities, Russia's invasion, and geopolitical competition as pressures testing Europe's architecture.
Mario Draghi's competitiveness report offers a clear diagnosis, urging leaders to act with courage to build the enduring institutions vital for future prosperity.