Mario Draghi, former European Central Bank chief and Italian prime minister, released a major report on 9 September regarding the future of European competitiveness. In it, he pushes for a novel industrial strategy for Europe, advocating for significant investment levels and the introduction of new common debt mechanisms to bolster European industrial and defense capacities. The report, divided into two parts, stresses the EU’s lagging productivity growth and the growing GDP gap with the US, calling for substantial changes in innovation, energy policy, and geopolitical strategy.
Key recommendations include:
Accelerating innovation to bridge the widening tech gap with global leaders, noting that the EU’s share of global tech revenues has declined.
Addressing high energy costs while advancing decarbonisation and a circular economy, with calls for a joint decarbonisation and competitiveness plan.
Enhancing Europe’s security posture and reducing dependencies in a volatile geopolitical landscape.
To read Draghi’s full report on a competitiveness strategy for Europe, download it from the European Commission’s website: https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en
