EU report advocates for additional €800 billion in investments
In a much-anticipated report on the 27-nation EU's economic competitiveness, originally due in June, Mario Draghi has called for joint borrowing and much more collaboration among member states to compete with Washington and Beijing. The former prime minister of Italy and ex-president of the European Central Bank (ECB) also urged EU leaders to invest €800 billion ($883 billion) annually to boost growth, News.Az reports citing Deutsche Welle.
Released in Brussels on Monday (September 9), the report has demanded "radical change" amid growing concern over a massive productivity gap with the US, where incomes have grown twice as much as the EU's since 2000."This is an existential challenge," Draghi said during a news conference following the report's release, raising the alarm on declining productivity. "We have said many times, growth has been slowing down in Europe, but until two years ago we ignored it, because things were going well."
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