Europe must say goodbye to its old welfare system, now outdated, and to rethink its structure the social model to refer to is the German one. This is the message launched by the president of the ECB, Mario Draghi, in an interview granted to Bild, the most widely circulated newspaper in Germany and Europe.
According to Draghi, the worst moment of the eurozone debt crisis is over and the central bank will only intervene in the event of inflationary risks. The former number one of Bank of Italy has ruled out inflationary threats linked to the two long-term refinancing operations conducted in recent months by the Bank, which have injected more than one trillion into the financial system.
Pointing to Germany as an "example" for Europe, Draghi then stressed that it is now up to governments to act to avert new crises. “The worst is over – Draghi said – but there are still risks. The situation is stabilising… Investors have confidence again and the ECB hasn't bought government bonds for weeks. The ball is now in the court of the governments”.
