Fri Sep 20 09:13:18 UTC 2024: ## Europe Needs to Up Its Game: Draghi Calls for Deeper Cooperation and Massive Investment

**Brussels, [Date]** – Former European Central Bank President Mario Draghi has issued a stark warning, urging the European Union to take drastic measures to boost its competitiveness and avoid falling behind the US and China. In a report commissioned by the European Commission, Draghi outlined a blueprint for action, focusing on three key areas: innovation, decarbonization, and security.

Draghi argues that closing the innovation gap with global powers is paramount, and that the EU needs to develop a shared strategy to link its decarbonization goals with economic competitiveness. He also stressed the need to reduce Europe’s dependence on foreign economic powers by strengthening its own security and resilience.

The former ECB President emphasizes that achieving this requires closer cooperation and integration among member states, along with a massive investment in shared objectives. He proposes a dedicated budget of €750-800 billion annually, sourced from both public and private investments, including the possibility of new common debt issuance to finance key joint projects.

Following Draghi’s presentation, members of the European Parliament largely agreed on the urgency of the situation. They emphasized the need for greater competition and innovation in key industries, along with increased public and private investment in social, green, and digital transformations.

While some called for greater sovereignty and freer markets, others highlighted the potential for growth through clean, innovative technologies and social investment, particularly in helping citizens adapt their skills to the changing landscape.

Draghi’s report serves as a wake-up call for the EU, demanding a decisive shift towards greater cooperation and investment to ensure Europe’s future competitiveness in the global landscape.

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