Draghi unveils an ambitious economic agenda, but politics will be a sticking point
With his three-word promise to do “whatever it takes”, former European Central Bank president Mario Draghi is said to have forestalled the eurozone’s sovereign debt crisis in 2012. At 400 pages, his solution to raising the EU’s flagging economic competitiveness is a great deal more wordy. But the overall principle, of doing whatever it takes, is similar. The bloc, he argues, needs a “new industrial strategy”, and must raise investment by €800bn a year to boost its growth. At 4.
Alleviating existing trade frictions between member states could also support the EU’s economic growth. The report makes a number of sensible, if not new, recommendations to help Europe capture digital and green growth opportunities. This includes integrating capital markets by centralising market supervision, developing new common funding pots, and aligning and streamlining industrial, competition and trade regulations.
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