Authored by Conor Gallagher via NakedCapitalism.com,
The situation in Europe is getting so bad on so many different levels, the Brussels crowd had to bring in “Super” Mario Draghi to save the day — or at least write a report telling them what to do...
Draghi has spent time at Goldman Sachs, the European Central Bank (ECB) during the sovereign debt crisis, and as unelected prime minister of Italy during the early days of the Covid pandemic and runup to Project Ukraine. Depending on where you sit, he could be an odd choice to chart a path forward; while Draghi knows his way around a crisis control center, he’s also plenty experienced at creating them.
He was one of the chief architects of the EU’s disastrous economic war against Russia and he’s always been a grim reaper for working class citizens of his native country of Italy. No wonder that for months the neoliberal, war-loving spreadsheet crowd in Brussels has eagerly awaited the report as if it is manna from heaven that will help deliver them from the corner they have backed themselves into.
Curiously, his report was delayed by months, which only increased the anticipation, and it finally dropped last week, conveniently timed at another crisis point. Project Ukraine is quickly unraveling and pressure is coming from all directions for Berlin to give the go ahead for joint EU debt in order to make the EU “competitive” again and buy a bunch of weapons to do something (nobody is too sure of what exactly) about Russia. Indeed, Draghi’s report doesn’t say, nor does it ever consider making nice with Moscow.
That’s because the report, “EU Competitiveness: Looking Ahead” is a political document more than economic one intended to not only give cover to the bloc’s disastrous Russia policies, but continue to double down. And it is already being used as more ammunition for those in the Baltics, Poland, the media, US-funded think tanks in Europe, and more who are calling on Germany to support debt for an extended Cold War. Specifically, they wanted Super Mario to tell them how to get out of the predicament of their own making without changing course on Russia and a host of other issues, and Draghi delivered — as long as you don’t let reality get in the way. His answer? More money. Lots of it.