Draghi: "La crescita dell'Europa sta rallentando, non possiamo pi? ignorarlo"
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Short filmTranscript
00:00Now, we have said many times that growth has been slowing down for a long time in Europe, but we've ignored it.
00:12I would say until two years ago we would never have such a conversation as the one we're having today.
00:19Because things were sort of going well, we were doing well out of globalization, unemployment was steadily falling.
00:27And now we cannot ignore it any longer. Now conditions have changed. World trade is slowing.
00:35China is actually slowing very much, but it's become much less open to us, and actually it's competing with us in global markets on all accounts.
00:46We've lost our main supplier of cheap energy, Russia.
00:51And now we have to start for our defense again for the first time since the Second World War.
01:01At the same time, this is the first year when Europe cannot count on population growth for its increase.
01:10And population is set to decline steadily so much that by 2040 there will be 2 million workers disappearing from the labor market every year.
01:24So now more than ever we have to lean on productivity, but productivity is weak, it's very weak.
01:32So if we were to maintain our current average productivity of the last five, of the last ten years, it would only be enough to keep GDP constant until 2050.