Draghi to present EU competitiveness report to lawmakers next week

Mario Draghi, the former chief of the European Central Bank, is set to present a significant report on EU competitiveness to political groups within the European Parliament. This private briefing is scheduled for Wednesday and is part of a broader initiative requested by Commission President Ursula von der Leyen, aimed at enhancing the global standing of European industry amidst complex geopolitical challenges. The report, which is anticipated to be around 400 pages, is a collaborative effort involving Draghi and seven Commission officials. The focus of the report is to address the productivity gap that has emerged over the past three decades, particularly in comparison to the United States. Draghi has emphasized the need for increased investment in innovation as a critical factor in bridging this gap. The report will cover essential sectors, including energy, defense, and trade, and will propose strategies to bolster European infrastructure and improve the governance of economic and fiscal policies among EU member states. The meeting will serve as a technical briefing, allowing group leaders to engage with Draghi and ask follow-up questions regarding the findings and recommendations outlined in the report. This engagement is crucial as it sets the stage for the official launch of the report, which is expected to take place later in September. Ultimately, Draghi's work aims to instigate a radical transformation of the EU's economic landscape, addressing long-standing issues and positioning Europe to compete more effectively on the global stage.