Lagarde to young people: “Solid banks, inflation is more worrying”
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FLORENCE – The boys ask, Christine Lagarde answers. And the 400 young people, Italians and Europeans, who arrived at Florence they have many and varied questions: from artificial intelligence to cryptocurrencies, from the United States of Europe to recipes for surviving in the era of permanent crisis. The president of the European Central Bank does not hold back. At her ease, smiling despite her wearing the collar after a minor car accident: she stuck a pin on it. The questions on the hottest topics also arrive, the boys, high school students, are prepared. Inflation? “That core, the nucleus, is still too high,” he explains Lagarde, disappointing those who might have thought that the trip to Italy would have made her a little more dovish. European banks? Are we also at risk of seeing one of them collapse, like the Silicon Valley Bank? “In the United States there are 14 banks whose capital requirements are monitored, in Europe there are 2,000 and this makes the difference: our banks are supervised, solid and have robust capital, what happened with Silicon Valley Bank it is unlikely to repeat itself here”.
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The leitmotif, in the meeting organized by the Youth Observatory – Editors, is Europe. Europe of which Lagarde he feels “guardian”, he explains in the throne room of Palazzo Corsini, a large family of Florentine bankers, on the banks of the Arno. Europe in the era of permacrisis therefore, pandemic, war, inflation. Lagarde tells of when she, newly appointed to the ECB, Dragons he told her “congratulations, you will have an easy job”. And yet, suddenly, theUnion she has come out of a period that she defines as “of illusion”, of peace, stability, good health, to enter a period of “resilience”. But in the face of continuous shocks, a force “that no one would have ever imagined” claims: “Everyone thought they would divide, and instead the Europeans have decided to stay together, to be on the side of those who have been invaded, to take joint loans for finance the Pnrr. Europe has managed to produce a vaccine in one year, to find alternative energy supplies”.
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The fight against inflation
Some guys bring her back to the topic of the day, inflation, and the president of the ECB is sticking to the line that emerged from the last governing council. Today’s data, including the Italian ones, show that “our recipe is starting to work”, but the core of prices is still too high: “The goal is to bring it back to 2%, we have the tools and we will do everything necessary to to do it”. Even if you, you acknowledge, there is a lot of uncertainty, a “fog” that makes the road more difficult: “We are dependent on data to make the right decision at each meeting”. On the banks, in addition to explaining that the Deutsche Bank case is not similar to that of Credit Suisse, the Frenchwoman replies that there is no contradiction between raising rates and providing liquidity to the system: “They are different elements that go hand in hand, and so we have different tools”.
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But it is on issues apparently far from her role that Lagarde lets herself go the most, between references to Victor Hugo and the summers spent preparing jams and jellies with fruit from the garden, because one does not live on work alone. On artificial intelligence, for example, he does not hide his concerns: “It is something to be careful about, there is a risk that it gets out of hand and we do not want our life to be controlled by AI. I hope we can use this tool, but we must be the masters”.
On bitcoins, after asking how much kids in the room had invested in it, and verifying with joy that no one raised their hand, the judgment is clear: “Forget them, in life you have to take risks, but not stupid risks”. What about the digital euro, then? “The ECB Council will decide in October, but it will not be a decentralized currency”. Finally, the United States of Europe: will we ever get there? “It took time for the United States to become the United States. We are still young, the euro started 25 years ago, Europe is just over 50 years old. We must continue, defining goals and ambitions”. Lagarde comes out to applause, stops on the steps of Palazzo Corsini for a couple of selfies, and then off she goes.
The Eurobarometer on financial education
A Eurobarometer that measures the competence and level of financial education of young people and an annual European day of economic and financial education where the results can be illustrated: this is the idea launched by the president of the Osservatorio Permanente Giovani-Editori, Andrea Ceccheriniduring the event of the “New meetings for the future” cycle which had the president of the ECB Christine Lagarde as guest of honor.
“If it is true that today, in the era of social networks, a tweet can trigger a rush to withdraw deposits as seems to have happened to Svb in the USA, why not think about setting up a Eurobarometer in Europe that measures competence and level of education of future citizens of the Union?” said Ceccherini. For his part, Lagarde promoted the initiative “Excellent idea, to be explored with central banks, and recalled that” Italy and France, for example, already have financial literacy programs and the ECB is also attentive to young people. In fact, we have doubled the number of scholarships and we are promoting the study of macroeconomics by female students”
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