A major report from Mario Draghi, due to be presented to EU leaders next month, will outline key economic issues as tensions grow with China and the US rolls out big subsidies to business
Former Italian prime minister and ECB president Mario Draghi will shortly present a major report to EU leaders on competitiveness and the European economy. Changing norms and practices of international politics and economics are having a major impact on how the European Union understands its own world role and plans to bolster it.
Highlighting the difficult balance in addressing this, the finance ministers of Germany, France and Italy referred to China’s “unfair” trade practices at a G7 meeting over the weekend, but also cautioned about the risks of a trade war.for EU leaders on the future of the EU’s single market another former Italian prime minister, Enrico Letta says it needs radical development and huge investments to compete at world level.
Political responses to these ideas so far are tentative and uneven between different political currents and member-states in the EU. The proposals come from the centre ground of European politics, which could shift to the right in the parliament elections. Northern liberal member-states are wary of more centralised EU fiscal powers. Smaller ones like Ireland worry that such major new capabilities would be driven by and in the interests of larger states like Germany and France.
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