Official EU announcements, European Commission press releases, major news outlets

Mario Draghi Calls for €800 Billion EU Investment Boost, €750B/Year Spending

Sep 9, 2024, 09:06 AM

Former Italian Prime Minister Mario Draghi has called for the European Union to invest an additional €800 billion annually to enhance its competitiveness with the United States and China. Draghi emphasized the need for a new industrial strategy to prevent Europe from falling behind its global rivals. He also advocated for the EU to move towards regular joint debt issuance and the establishment of a capital markets union with a single regulator. The 'Draghi report' warns that weak growth threatens the EU's geopolitical relevance and its climate targets. Draghi also mentioned the necessity for the EU to spend an added €750 billion per year to compete globally.