Draghi Says EU Itself at Risk Without More Funds, Joint Debt
- Former ECB chief releases his report on EU competitiveness
- He calls for as much as €800 billion of new spending a year
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Former European Central Bank President Mario Draghi called on the EU to invest as much as €800 billion ($884 billion) extra a year and commit to the regular issuance of common bonds to make the bloc more competitive with China and the US.
In his long-awaited report on European Union competitiveness, Draghi urged the bloc to develop its advanced technologies, create a plan to meet its climate targets and boost defense and security of critical raw materials, labeling the task “an existential challenge.”