The Draghi report is a 2024 report addressing European competitiveness and the future of the European Union. Authored by former ECB chief Mario Draghi, it was one of two widely anticipated reports on EU reforms in 2024, together with the Letta report on the EU internal market.[1] Parts of the Draghi report's proposals have already been adopted by European Commission president Ursula von der Leyen for the work programme of her 2024–2029 Commission term.[2][3]
 | |
| Author | Mario Draghi |
|---|---|
| Original title | The future of European competitiveness – A competitiveness strategy for Europe |
Publication date | 9 September 2024 |
Content
editCompetitiveness
editDraghi's report urges the EU to foster more investment to increase European productivity. The report proposes new prudential rules for banking and institutional investors to facilitate risky investments.[4] Draghi warned that if the EU failed to catch up with its rivals, it would face 'slow agony'. He wrote that the EU "needs far more coordinated industrial policy, more rapid decisions and massive investment if it wants to keep pace economically with rivals the United States and China.[5] The report was expected to affect transatlantic ties in the years to come.[6]
EU budget
editThe report supports joint borrowing, something von der Leyen and various member states immediately rejected.[7][8][9]
Reactions
editThe report was eagerly awaited by some,[10] and initial reactions from think-tankers were mixed,[11] while The Economist compared his plan's scope to the 1948 Marshall Plan.[12] A report out of Chatham House opined that "Stark recommendations in the report risk being thwarted by a European leadership vacuum – and a lacking sense of urgency."[3]
Critics pointed to a lack of representation of the consulted stakeholders to produce the report. Central and Eastern Europe as well as the civil society and trade unions were underrepresented, making the report focusing too much on core European countries and on business interests, and addressing social and ecological challenges with fewer points of view.[13]
French economist Thomas Piketty welcomed the report as "going in the right direction" and "having the immense merit of overturning the dogma of fiscal austerity".[14]
References
edit- ^ "Enrico Letta's Report on the Future of the Single Market - European Commission". single-market-economy.ec.europa.eu.
- ^ "Five questions (and expert answers) about Draghi's new report on European competitiveness". Atlantic Council. 2024-09-10. Retrieved 2024-09-12.
- ^ a b "Mario Draghi's competitiveness report sets a political test for the EU". Chatham House – International Affairs Think Tank.
- ^ "Europe's Draghi report unleashed: These are the 5 things to watch". POLITICO. 2024-09-09. Retrieved 2024-09-12.
- ^ "Draghi urges EU to catch up rivals or face 'slow agony'".
- ^ "How the Draghi report could affect future EU-US relations – Euractiv".
- ^ "Q+A: No, Draghi does not want €800b in EU debt". The Parliament Magazine. 2024-09-11. Retrieved 2024-09-12.
- ^ Carretta, David; Spillmann, Christian (2024-09-10). "Ursula von der Leyen utilisera Draghi "à la carte"". La Matinale Européenne. Retrieved 2024-09-12.
- ^ "Germany's Lindner rejects Draghi's common borrowing proposal". POLITICO. 2024-09-09. Retrieved 2024-09-12.
- ^ "Europe's Draghi report unleashed: These are the 5 things to watch". POLITICO. September 9, 2024.
- ^ "The Draghi EU competitiveness report - the reactions". euronews. September 11, 2024.
- ^ "Mario Draghi outlines his plan to make Europe more competitive". The Economist.
- ^ "Critics slam Mario Draghi's landmark EU competitiveness report as 'one-sided'". euronews. September 20, 2024.
- ^ "Thomas Piketty : « Le rapport Draghi a l'immense mérite de tordre le cou au dogme de l'austérité budgétaire »" (in French). Le Monde. Retrieved 2024-09-16.
External links
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