From the EU informal summit in Budapest, Mario Draghi issued a call for unity and bold reforms to enhance European competitiveness. “Many important decisions have been delayed, waiting for consensus that never came. All we achieved was lower growth, and now, stagnation,” Draghi remarked. He urged European leaders to regain a united spirit, emphasizing that the time to act is now.
Draghi acknowledged the recent U.S. election results, noting that Trump’s presidency would undoubtedly impact U.S.-EU relations. “The new administration will likely boost high-tech industries where we already lag behind—a key sector for productivity. Europe will need to respond accordingly,” he asserted. Draghi also expressed concerns over Trump’s potential tariffs on imports, cautioning that Europe must negotiate with a unified front to protect its own industries.
Among the tools to tackle Europe’s challenges, Draghi highlighted the need for common debt, similar to the approach taken with the Next Generation EU fund post-pandemic. However, he clarified that joint financing is not the only solution. “The competitiveness report outlines many other actionable measures without immediately addressing public financing,” Draghi concluded, pushing for diverse strategies to strengthen Europe’s economy.
