Mario Draghi: from bees to boredom

In the summer of 2012, London hosted the Olympic Games. Almost simultaneously Britain launched – in London – The British Business Embassy. It would be a mark of extreme cynicism to suggest that one was riding on the back of the other.

On 26 July, 2012, at a Global Investment Conference hosted by The British Business Embassy, Mario Draghi, President of the European Central Bank, delivered a speech.

Draghi opens with a nice little metaphor about bumblebees; or rather he doesn’t, but he should. Uttering a few obligatory words of thanks to his hosts and introducer is one thing, but – like too many – he fannies around with dross before reaching his opening, the bumblebee metaphor.

It’s a good opening: he compares the Euro to a bumblebee that urban legend decrees should not be able to fly. Come the financial crisis of 2008, the bumblebee was in danger of falling to earth, so now “the bumblebee will have to graduate into a real bee”. Were I an apiarist I might bridle at the suggestion that a bumblebee is not a real bee; but I’m not, I’m a rhetor who hopes that he will run with this metaphor for longer.

He does revisit it a minute or so later, but sadly just the once. It’s a pity because it could have given this speech some much needed coherence, not to mention lift. It almost immediately fell into a mire.

Perhaps he abandoned it because he wanted to devote his eleven minutes to an orgy of self-congratulation, and the spectacle of a currency limping from crisis to crisis doesn’t lend itself too comfortably to the image of a creature buzzing around in the sunshine sipping nectar.

While he trumpeted the euro’s imagined triumphs I could think only of the economic human disaster that is Greece, the hugely expensive silken strips of empty highway that bypass impoverished villages in Spain or Sicily, all the various pieces of pointless white elephant expenditures that are the price that ordinary people pay for his being able to pat his own back and those of his co-conspirators.

Had the speech been more coherent he might just have obscured some of that. In the event he left me conscious that his is becoming merely the latest in a long line of failed attempts at taking self-determination out of the competent hands of the people and trying to centralise it in the hands of those who think they know better. Will they never learn?

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