Draghi: ‘The global order is now defunct’

Milan, 2 February (LaPresse) – “The now defunct global order did not fail because it was built on an illusion. It brought real and widely shared benefits: to the United States, as the hegemonic power, through undisputed influence in all sectors and the privilege of issuing the world’s reserve currency; to Europe through deep trade integration and unprecedented stability; and to developing countries through participation in the global economy, lifting billions of people out of poverty.” So said former Prime Minister Mario Draghi in his speech in Leuven (Belgium), where he received an honorary degree from KU Leuven University. ‘The failure of the system lies in what it has failed to correct,’ added Draghi, according to whom “once China joined the WTO, the boundaries of trade and security began to diverge. We have always traded beyond the alliance, but never before with a country of this size and with the ambition to become a separate pole itself.”