Delay in Draghi Report on EU Competitiveness Confirmed by European Commission

The European Commission has announced that the highly anticipated report on the European Union’s competitiveness, authored by former European Central Bank president Mario Draghi, will be released after the summer. This confirmation, made on July 24, follows speculation that the report, initially expected before the EU elections in June, would not be published until September. Johanna Bernsel, a spokesperson for the Commission, stated, “I confirm that the Draghi report will be presented after the summer.” Competitiveness has emerged as a critical focus for EU policymakers, particularly as the US economy is projected to outperform Europe this year. Belgium, which held the rotating presidency of the EU Council in the first half of 2023, prioritized competitiveness in its agenda. Hungary, which succeeded Belgium in July, has also emphasized this issue, planning to discuss the Draghi report at two upcoming competitiveness councils in September and December, where a “Competitiveness Deal” for Europe is anticipated. Stakeholders have differing views on how to enhance Europe’s competitiveness. Business leaders advocate for a significant reduction in regulatory burdens, while labor and environmental groups warn that such measures could undermine green and labor regulations. Draghi has sought to mediate these concerns, advocating for streamlined regulations in telecommunications and a review of banking sector regulations. In his April speech, Draghi highlighted the need for both public and private funding to address Europe’s green and digital investment challenges, calling for “radical change” to combat rising protectionism from China and the US.