Former Italian Prime Minister and central banker Mario Draghi is set to release a groundbreaking report on EU competitiveness, promising “radical change”. Known for his pledge to do “whatever it takes” to defend the euro, Draghi now faces the daunting task of saving the entire EU economy.
His report, delayed from June, is expected to address key issues such as the growing productivity gap with the US, global trading challenges, climate change, and social inclusion. Draghi’s recommendations for key sectors like defense and energy could echo those of former Prime Minister Enrico Letta.
One major uncertainty surrounding Draghi’s plans is how he intends to fund them. Suggestions include using national subsidies for EU projects or loans from the European Stability Mechanism. Controversial proposals, such as Eurobonds, may face opposition from various political factions within the EU.
Draghi’s report is seen as a wake-up call for a complacent Brussels, urging for market reforms and potentially a shake-up at the European Commission. His findings could define the priorities of Commission President Ursula von der Leyen’s new team for the next political term.
Despite expected challenges from various quarters, Draghi’s report is eagerly anticipated for its potential to bring about much-needed change and revitalization to the EU economy. The impact of his recommendations could be far-reaching, influencing EU policy and direction for years to come.
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