Former Prime Minister Mario Draghi, presenting his report on European competitiveness this morning in a joint press conference with Commission President Ursula von der Leyen, stressed the need for “radical change” to secure the future of the European Union. Draghi, in a document containing 170 proposals “and compiled without any pressure”, highlighted three main areas on which Europe must focus: “innovation, energy and security”. Europe must improve coordination between member states and community institutions, reducing the number of decisions taken unanimously and promoting enhanced cooperation and common debt.
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The former Prime Minister also stressed the importance of addressing the challenges of decarbonisation and energy security, as well as reducing dependencies on third countries. In short, an urgent and concrete call to action to address economic challenges and ensure sustainable growth for Europe. According to Draghi’s report, first, Europe must close the innovation gap. Second, to lower energy prices and seize the industrial opportunities of decarbonisation, Europe needs a joint plan that ensures that ambitious demand can be matched by leadership on the technologies that will supply it. A process that “will have to embrace the industries that produce energy, that enable decarbonisation, such as clean technology and automotive, and the so-called hard to abate industries”.
Furthermore, the EU will necessarily have to reduce its dependencies on the outside: “Given the dependence on imports ranging from raw materials to advanced technology, the EU will have to develop a real ‘foreign economic policy’ that coordinates preferential trade agreements and direct investments with resource-rich nations”. But Draghi does not underestimate the fact that “Europe will also have to develop a strong and independent defense industrial capacity that allows it to meet the growing demand for military resources and equipment and remain at the forefront of defense technology”.
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All principles also shared by the new Commission, whose formation is still in progress but whose continuity is ensured by the renewed von der Leyen presidency: “With Draghi we shared analyses of the economic situation and started to outline solutions. This was facilitated by our agreement on two key principles. First, the only way to ensure our long-term competitiveness is to move away from fossil fuels and towards a clean, competitive and circular economy. Second, our efforts on competitiveness must go hand in hand with greater prosperity for all in Europe. All the transformations we will set in motion must be fair. We can build on our highly successful social model: the social market economy”.
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2024-09-10 16:50:26
What are the key recommendations from Mario Draghi’s report on European competitiveness?
Table of Contents
Mario Draghi’s Vision for European Competitiveness: A Call to Action
Former Prime Minister Mario Draghi has presented a comprehensive report on European competitiveness, stressing the need for “radical change” to secure the future of the European Union. In a joint press conference with Commission President Ursula von der Leyen, Draghi outlined three main areas on which Europe must focus: innovation, energy, and security.
Innovation and Energy Security
According to Draghi’s report, Europe must close the innovation gap and develop a joint plan to lower energy prices and seize the industrial opportunities of decarbonisation <[2]>. This process will have to embrace industries that produce energy, enable decarbonisation, such as clean technology and automotive, and the so-called hard to abate industries.
Reducing Dependencies and Developing Foreign Economic Policy
Furthermore, the EU will have to reduce its dependencies on the outside by developing a real foreign economic policy that coordinates preferential trade agreements and direct investments with resource-rich nations <[3]>. Additionally, Europe will
Mario Draghi’s Call to Action: A Radical Change for European Competitiveness
Former Prime Minister Mario Draghi has presented a comprehensive report on European competitiveness, urging the European Union to undertake a “radical change” to secure its future [[1]]. The report, containing 170 proposals, highlights three main areas on which Europe must focus: innovation, energy, and security [[1]]. Draghi’s call to action is a response to the economic challenges facing the EU, and his report presents a roadmap for achieving sustainable growth and competitiveness.
Innovation Gap
One of the key areas of focus identified by Draghi is the innovation gap. Europe must close this gap to remain competitive with its rivals [[1]]. To achieve this, the EU needs to invest heavily in research and development, with an estimated 750-800 billion euros per year, equivalent to 5% of its GDP[[[2]]. This investment will enable Europe to catch up with its competitors and establish itself as a leader in innovation.
Energy Security and Decarbonisation
Another critical area highlighted by Draghi is energy security and decarbonisation. Europe must reduce its dependence on third countries and develop a joint plan to lower energy prices and seize industrial opportunities arising from decarbonisation [[1]]. This process will involve embracing industries that produce energy, enable decarbonisation, such as clean technology and automotive, and the so-called hard to abate industries [[1]].
Security
Security is another key area of focus, with Draghi stressing the need for enhanced cooperation and common debt among member states and community institutions [[1]]. This will require a reduction in the number of decisions taken unanimously, enabling more effective decision-making and cooperation.
Urgent Call to Action
Draghi’s report presents an urgent and concrete call to action to address the economic challenges facing the EU. The report’s findings will contribute to the European Commission’s work on a new plan to strengthen European competitiveness[[[3]]. The EU must respond to this call to action by investing heavily in innovation, energy security, and decarbonisation, and by improving coordination and cooperation among its member states and institutions.
Mario Draghi’s report presents a comprehensive roadmap for achieving sustainable growth and competitiveness in the European Union. The EU must respond to this call to action by undertaking a radical change, investing in innovation, energy security, and decarbonisation, and by improving coordination and cooperation among its member states and institutions.
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