The European Union is economically lagging behind the United States and should continue issuing joint debt to improve productivity and strengthen its security, warns Mario Draghi in his long-awaited report, calling it an “existential problem”. The Union needs much more coordination in industrial policy, faster decisions and massive investment if it is to keep pace economically with rivals such as the United States and China. Following the success of the historic recovery plan following the Covid pandemic, the EU should “continue to issue common debt instruments to finance common investment programs aimed at increasing EU productivity and security,” he notes in the 400-page introduction report the former prime minister of Italy pointing out the economic “gap” that separates Europe from the US. The European Union needs additional investments of 750-800 billion euros per year — corresponding to 5% of GDP — , very […]
Source: News Beast
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