Ladies and Gentlemen, cari professori e studenti,
I am delighted to share this moment with you. I would like to extend my warmest thanks to all of those who made this virtual meeting possible in particular Rector Gianmario Verona, and Vice-Rector Stefano Caselli together with Francesco Daveri. To me, Bocconi represents a major source of influence for European integration. Think of some great "bocconiani" who played a fundamental role in building our Economic union: from Luigi Einaudi - the father of the fathers of Europe - to my friend Mario Monti. I also want to honour the memory of Tommaso Padoa-Schioppa who passed away ten years ago. In the difficult times we are facing, his vision and ability to translate European ideals into active fights - such as the euro - remain inspirational.
Today I stand before you as a committed European, a central banker, but also a friend of Italy. I first and foremost want to express my deep solidarity: Italy - like France - has been one of the countries hardest hit by the pandemic. I am also well aware of the criticism about Europe being too slow or reluctant to help. So my purpose today is a challenging one, as I will address the issue of Europe's alleged lack of solidarity. I will first argue that in fact Europe - and the Eurosystem at the frontline - has broadly risen to the challenge during this acute phase of the crisis. But we need to do more, and I will then sketch the broad outlines of an effective and collective exit strategy.
