Draghi's Call to Bolster EU Competitiveness Against Global Rivals

Former European Central Bank chief Mario Draghi highlights the EU's lag behind global rivals due to innovation limitations, high energy prices, and skills gaps. His forthcoming report is expected to drive EU policies on competitiveness. The report will address key economic challenges and recommend actions for 10 major sectors.

In a stern warning to EU policymakers, former European Central Bank chief Mario Draghi emphasized that the European Union is falling behind its global competitors due to restricted innovation, escalating energy costs, and significant skills gaps.

Speaking to EU ambassadors and the European Parliament's leaders on Wednesday, Draghi refrained from divulging detailed solutions but stressed the urgency of the situation. His forthcoming report, commissioned by the European Commission, seeks to rejuvenate the EU's competitiveness.

Encompassing around 400 pages, the report will explore the EU's productivity lag, dependency on key resources, and climate change. Draghi's proposals call for accelerated digitalization, increased private sector involvement, and unprecedented EU institutional cooperation.

(With inputs from agencies.)