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Franco Bechis
The last time Mario Draghi spoke in an institutional role in Italy was on May 31, 2011, with his final statements as governor of the Bank of Italy. He closed them with a question: “Why politics, which is the only one that has the power to translate analyzes into laws, does not adopt Cavour’s phrase: ‘… reforms completed in time, instead of weakening authority, strengthen it ‘? “. Yesterday morning, starting as premier with the speech on confidence in the Senate, Draghi started from there: “The Government,” he said, “will make the reforms, but it will also face the emergency. There is no before or after. We are aware of Cavour’s teaching: ‘… reforms carried out over time, instead of weakening authority, strengthen it’ “. If ten years later Draghi chose to start from there, from Cavour, it is because his judgment on the decade and on the effectiveness of the reforms carried out or announced by the different governments that have succeeded each other is clear: nothing has happened, and La The authority of the politics of this nothingness has emerged weakened, not strengthened. For the connoisseurs, this game of the Cavour quote, but it makes us understand how today much of the politics paralyzed by its inefficiency and by the river of words that it became involved, has ended up imprisoned in the network of the Dragons. The prime minister knows that it is not the natural choice in a democracy that should have had many other arrows in its bow. You know it, but you don’t waste time thinking about it. He is here to rebuild on the rubble of the pandemic, but also on the nothingness of Italian politics even in the face of this emergency.
Draghi spoke in the Senate and spoke again in the evening, responding in detail to many interventions. He also tried, like a not-so-fledgling politician, to caress the belly of those who should have trusted him then. He did so on the strong themes of the most uncertain political forces: immigration for the League, the ecological transition for the M5. But he also placed equally clear bets aimed not only at those two: from the passage of the irreversibility of the euro (Lega), to that of the undisputed loyalty to the Atlantic pact (M5s and Chinese temptation), to the promise that from now on Las rules and restrictions will come if necessary with due notice and not at the last minute as has always happened with the Giuseppe Conte government and also in the first 48 hours of Draghi Uno’s life.
Draghi’s speech yesterday was already an operational plan in many sectors and reforms, detailed in detail (vaccines, schools and taxation among others), as can rarely be found in the first speech of the different prime ministers who have succeeded each other until now. But understanding the different key of this government and its operation is what happened while Draghi spoke a few kilometers from that Senate. Via XX Settembre, Ministry of Finance: a small group of collaborators of the new Minister Daniele Franco, on a mission to Brussels, had sat around a table and began to rewrite the PNRR of the Conte government that they themselves had dealt with throughout the day, but with the sole task of gathering together so that the scattered writings that had reached them from Palazzo Chigi and the other ministries did not clash with each other. The Ministry of Economy had been assigned a collage to do, now the mission has changed: a real plan with its operational time schedules, capable of leaving more opportunities open. One of which is the very figure of the Recovery Plan, those 209 billion waved for months as a flag that perhaps today are not all as necessary as we thought. Works and investments of a similar scale certainly yes, because that’s what the Draghi government is for. However, it will be necessary to see in the coming weeks what can still happen with the spread and the upcoming auctions of Italian government bonds. Because if the calling card of the new Italian Prime Minister could further tame the markets as it happened in the early hours, the “loans” part of the Recovery Plan may not need to be activated immediately, and may even become replaceable. with the advantage of resorting to traditional own debt. We could soon reach the unthinkable conditions of using only the “subsidies” of the European aid program, that is, the sums disbursed. Just being able to discuss it in an instant is a real turning point.
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