BRUSSELS: The European Union is failing to match the economic transformation speed demonstrated by the United States and China according to a key report’s author.
Former European Central Bank chief and Italian leader Mario Draghi delivered this stark warning during a conference in Brussels on Tuesday, exactly one year after presenting his comprehensive 400-page assessment.
Draghi stated that European citizens are disappointed by how slowly the EU moves and see the bloc failing to match the speed of change occurring elsewhere in the global economy.
He emphasised that too often excuses are made for this slowness while urging immediate action to prevent further decline in Europe’s competitive position.
The former ECB president warned that to carry on as usual is to resign ourselves to falling behind, calling for concrete results within months rather than years.
One year after his initial report, Draghi noted that Europe’s challenges have grown more acute due to shifting global trade dynamics since US President Donald Trump took office in January.
He highlighted that trade tensions, high public debt among EU members, and Europe’s excessive dependencies on other countries have painfully demonstrated that inaction threatens both competitiveness and sovereignty.
Speaking before Draghi at the same conference, EU chief Ursula von der Leyen acknowledged the need for faster action while defending her administration’s current achievements.
Von der Leyen pointed to Brussels’ progress on artificial intelligence regulation, increased defence spending, and bureaucratic simplification efforts for businesses.
She nevertheless criticised the European Parliament for moving too slowly on approving the European Commission’s initiatives to reduce administrative burdens.
The EU chief declared that urgent action is needed to address urgent needs because European companies and workers can no longer afford to wait for necessary reforms. – AFP