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EU challenged to reinvent its economy
The Draghi Report makes radical proposals to boost competitiveness, but some may face political resistance.
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Europe’s market is fragmented, especially its capital markets and services, says the writer.
PHOTO: AFP
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In July 2012, when the European Union was engulfed in its worst financial crisis since World War II, then president of the European Central Bank Mario Draghi announced he would do “whatever it takes” to restore confidence. That did the trick: The markets were reassured and the crisis began to abate.
Twelve years later, Mr Draghi, who later served as Italy’s prime minister and is a celebrated policymaker, has come up with a detailed plan of what it would take to restore the EU’s economic competitiveness and dynamism.
