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Ferdinando Giugliano

Mario Draghi’s Roadmap for Europe’s Future

He leaves the ECB better than he found it, but there’s still more to be done.

Looking toward the future.

Looking toward the future.

Photographer: Thomas Lohnes/Getty Images

Mario Draghi will give his last speech as president of the European Central Bank today, at a farewell celebration in Frankfurt. The audience will include many political leaders such as Germany’s Angela Merkel and France’s Emmanuel Macron. Both have have already expressed their admiration and support for the man who is widely credited with rescuing the euro zone.

While admiration is always appreciated, the best way to pay tribute to the departing ECB chief would be for Europe’s politicians to reflect carefully on the speeches he has given over the past two years on the future of the monetary union. Although Draghi will be remembered mainly for his statement in July 2012 that the ECB was ready to do “whatever it takes” to preserve the euro, future historians could well find that his real legacy lies in the roadmap these speeches have offered on how to shore up a still-fragile single currency — and the dream of a closer and stronger union.