Thread by @Musso___

Draghi👽 fa un discorso alla Banca nazionale belga incentrato su ... la difesa dell'autonomia🤦🏻‍♂️ delle banche centrali.
👉 Discorsi simili teneva la nobiltà francese, nel 1788
mobile.ilsole24ore.com/solemobile/mai…

Draghi👽 : <Se le banche centrali fossero meno indipendenti e il pubblico percepisse che la politica monetaria potrebbe essere messa sotto pressione, le aspettative sull'inflazione non avrebbero più un’àncora e sarebbe messa a rischio la stabilità dei prezzi come negli anni 70>😆

Eccola qua.
First Lamfalussy Lecture by Mario Draghi, President of the ECB, at the Banque Nationale de Belgique, Brussels, 26 October 2018.
ecb.europa.eu/press/key/date…

Draghi👽 <Advanced economies are now emerging from the aftermath of the great financial crisis. Despite facing the largest shock in the postwar period, central banks have succeeded😳 in maintaining price stability and fulfilling their mandates>
👉ehm ... mezza sega

Draghi👽 <independent central banks ... [got] no discretion over whether👽 to pursue their goals, and what👽 goal they had to achieve. It is on this basis that the mandate of the ECB was established>
👉 Tu hai fallito miseramente

Draghi👽
1️⃣<in the EZ ... there were those who feared [for] willingness to enact reforms, or on banks’ incentives to clean up balance sheets. These were given priority over the certainty that price stability would😳 be sacrificed without action>
👉It WAS sacrificed, animale ...

2️⃣<And today in other jurisdictions, we see concerns being publicly expressed about whether the central bank should pursue a normalisation path in the face of rising😆 inflation>
👉Which inflation ?! animale ...

Draghi👽 : <if central banks were less independent ... it would eventually de-anchor inflation expectations and jeopardise price stability – just as in the 1970s😳>
👉 Cioè rifai la guerra del Kippur ?! Riabbatti lo Shah di Persia ?! Animale ...🤦🏻‍♂️

Draghi👽 <the depth of the crisis ... created unusually high unemployment and made inflation less responsive ... But ... Long-term institutional arrangements based on a strong social consensus😆 should not be changed because of cyclically😂-driven developments in inflation>

Draghi👽 <if the central bank were to submit to political control ... Fiscal authorities would have an incentive to use monetary policy to achieve other objectives>
👉 Occupazione, Educazione, R&S, Investimenti ... O R R O R E 😱

Occupazione, Educazione, R&S, Investimenti ... Draghi👽 : <this would end up with monetary policy becoming fiscally dominated, which history shows is inconsistent with price stability in the long run>
👉 Molto meglio una bella deflazione pluridecennale ... 🤦🏻‍♂️

Draghi👽 : <In the long run, monetary policy is not an important factor for the distribution of resources within societies>
👉 E certo, il fatto che le imprese tedesche paghino interessi di 3 punti percentuali in meno di quelle italiane ... non🤦🏻‍♂️ ha alcun effetto redistributivo🤦🏻‍♂️

Draghi👽 <the European Court of Justice. In its judgement on our OMT😆 programme, it ruled that purchases of government bonds are legal under the ECB’s statute and a legitimate tool of monetary policy>
👉 Peccato che poi Karlsruhe ti abbia mandato affanculo
👉Venditore di fumo🤡

Draghi👽 <Faced with future crises, ... the ruling of the ECJ has shown 😆that we can use all the tools within our mandate to tackle future challenges to price stability>
👉Senza la Buba😆😂🤣

Appunto.

https://twitter.com/marcozanni86/status/1055715340154486785?s=12

Draghi oggetto di ludibrio, ben meritato

https://twitter.com/ashokamody/status/1055959410995064837?s=12

E #LaStampà come traduce il discorsetto di Draghi, al proprio pubblico €rista ? Inflazioneh😆😂🤣
👉 Però, aggiunge una chiosa : <questa è una risposta al ministro Savona>😎
Via @brazorf_ajejeje