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Mario Draghi sounds alarm for EU’s future, emphasizes need for new industrial strategy and €800bn annual investment increase – live updates from the business world


Former European Central Bank chief and Italian prime minister Mario Draghi recently presented a report focusing on the enhancement of EU competitiveness through coordinated industrial policy and increased investment. In the report, Draghi emphasizes the need for Europe to boost its investment by up to €800bn a year to improve productivity and stay competitive with the US and China. He stresses the importance of closer coordination among European countries to ensure effective spending and proposes a new industrial strategy for Europe with 170 different proposals.

Draghi highlights concerns about Europe’s weak productivity, slowing growth, and challenges in areas such as trade, energy supply, defence, and population growth. His report calls for a significant increase in industrial investment, the integration of AI into defence, and common procurement in the defence industry. The Netherlands has expressed cautious support for Draghi’s proposals, emphasizing the need for integrated European policy and less regulatory burden.

The report also stresses the importance of securing critical raw materials, investments in advanced technologies, and increasing defense capacities. Draghi suggests the issuance of common debt instruments to fund joint investment projects, potentially leading to Eurobonds. The report warns that Europe’s position in advanced technologies is declining, impacting growth and income levels compared to the US and China.

Overall, Draghi’s report calls on EU member states to work together, strengthen collective efforts, and address challenges collectively to improve Europe’s competitiveness and ensure prosperity, equity, and democracy in the region. The report is likely to influence the EU competitiveness debate and priorities of the upcoming European Commission.

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Photo credit www.theguardian.com

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