Mario Draghi on Steering Through Uncertainty: The Next Era of Monetary Policy

November 14, 2025

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Francine Lacqua, Anchor and Editor-at-Large at Bloomberg TV, sat down with Mario Draghi, former President of the European Central Bank and former Prime Minister of Italy, for a wide-ranging discussion on the global economic outlook, Europe’s competitiveness, and the evolution of monetary policy in a fragmented world.

Key Takeaways

A Fragmented Global Order: The U.S.-led era of open trade has given way to competing blocs shaped by the U.S.-China rivalry, industrial policy, and technological disruption.
Fiscal Pressures and Productivity: Persistent deficits and higher inflation in both the U.S. and Europe will require productivity gains to restore fiscal balance and sustain growth.
Europe’s Competitiveness Challenge: Europe is investing heavily in defense, energy grids, and high-tech sectors. Common debt issuance and regulatory reform are viewed as essential for scale and efficiency.
Limits of Monetary Policy: With inflation elevated, central banks have little room to stimulate growth. Credible medium-term fiscal plans are vital to maintain confidence and stability.
Private Capital and Financial Reform: Expanding private credit offers flexibility beyond traditional banks, but transparency is key to safeguarding the system.

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