Mario Draghi's Warning to Europe Is Right On
The EU’s 750 billion-euro stimulus plan is a big deal. But with so much lost ground to recover, more ambition is needed.
Italy's Prime Minister Draghi issuing his warning on June 18 in Barcelona
Photographer: Pau Bareena/AFP via Getty Images
As the European Union’s leaders gather in Brussels this week to take stock of the bloc’s response to the Covid-19 pandemic, the feel-good narrative is gathering steam.
The shambolic start to vaccine distribution is a distant memory, with about half the EU’s population having received at least one dose. Cafes, restaurants and retailers are filling up again in Paris, Berlin and Rome as lockdowns are lifted — albeit with a wary eye on the Delta variant. And an unprecedented 750 billion-euro ($895 billion) coordinated stimulus package proposed a year ago is now reality, with European Commission boss Ursula von der Leyen embarking on a victory lap of the region’s capitals as national spending plans get approved.