Have the article read by OpenAI (Beta). Please note that AI translations may take some time to process.Brussels (dpa) – Former Italian Prime Minister Mario Draghi has called on the European Union to develop a “new industrial strategy” to revive the bloc’s flagging competitiveness to achieve economic growth.
Draghi described the EU as being “stuck in a static industrial structure” compared to the United States and China, and called for more investments in research and innovation, clean energy technologies and faster regulatory decision-making.
Over a year ago, with EU countries fretting increasingly about the economy, the European Commission tasked Draghi with drafting a plan to reverse the bloc’s economic fortunes. The Italian has been the Prime Minister of Italy from 2021 to 2022 and President of the European Central Bank from 2011 to 2019.
To achieve new economic growth, the EU needs investment worth 750-800 billion euros annually, Draghi said, the equivalent of 4.4-4.7 percent of the EU’s gross domestic product (GDP) in 2023.
To show the scale of the investment and challenge required, Draghi made reference to the United States’ Marshall Plan to rebuild Europe after World War II. (9 September)
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