Major report from former ECB president recommends series of EU financial reforms
The European Union would have to “scale back” its ambitions for climate reforms and greater defence spending, if it failed to address a competitiveness “crisis” in its economy, a major report, authored by former head of the European Central Bank Mario Draghi, has said. Photographer: Simon Wohlfahrt/Bloomberg
Mr Draghi, who was president of the ECB from 2011 until 2019, warned that the bloc was continuing to fall behind the United States and China. The union needed to find ways to raise up to €800 billion extra a year to invest in its economy and put towards various big plans, the report said. The scale of investment required to address the current challenges facing Europe would need to be bigger than the reconstruction of the continent under the Marshall Plan after the second World War, it said.
European Commission president Ursula von der Leyen said she agreed that common EU funding would be needed “for certain common European projects. Photograph: Nicolas Tucat/AFP Decisions on whether company mergers should be allowed to proceed under competition rules could be made quicker, he said.
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