Europe faces faced with a choice between more integration, paralysis or disintegration, said Mario Draghi, former president of the European Central Bank and prime minister of Italy.
Mario Draghi outlined his plan to improve Europe's competitiveness through closer cooperation in key areas and large-scale investment in shared goals.
Draghi, author of a report on European competitiveness commissioned by the President of the European Commission, said the EU should focus on three key issues: closing the innovation gap with the US and China; developing a joint plan to link the decarbonisation target with increasing competitiveness; and strengthening Europe's security and reducing its dependence on external economic forces.
Sustaining the European way of life will rely on improving competitiveness, and improving competitiveness requires closer cooperation and integration between European nations, Draghi stressed.
A fit-for-purpose competitiveness program would require annual funding of €750-800 billion for projects whose targets have already been agreed by the EU. Some of these funds may come from private sources, but some will also need to be secured through public investment, including through new general debt issued specifically to finance key joint projects, Draghi said.
In a debate after Draghi's address, many MEPs agreed with his analysis that the EU economy urgently needs to change course. According to them, the EU should focus on competition and innovation in key industries, together with more public and private investment in social, environmental and digital transformations. Some MEPs called for greater sovereignty and freer markets and stressed that the fight against climate change was sabotaging the EU economy. Others noted that growth is compatible with clean innovative technologies and social investment to help citizens adapt their skills.