Draghi Unveils €800B Annual Investment Plan, €750B/Year Spending for EU Competitiveness

Sep 9, 2024, 09:15 AM

Former European Central Bank President Mario Draghi has unveiled a comprehensive plan to address the European Union's economic challenges. Draghi's report calls for the EU to invest an additional €800 billion annually to enhance competitiveness with global rivals such as China and the United States. The plan emphasizes the need for a new industrial strategy, reduced regulatory burdens on SMEs, and greater integration and delegation to central authorities. Draghi also advocates for a regular joint debt issuance and a Capital Markets Union with a single regulator. The report highlights the urgency of these measures, including spending an added €750 billion per year, to prevent the EU from falling further behind in global markets.