EU: Will Draghi report mark a turning point?

Mario Draghi's new report urges the EU to invest €800bn annually for radical reforms, warning against falling behind the US and China.

Why it matters: The report highlights the need for the EU to relax competition rules, integrate capital markets, use joint procurement in defence, and adopt a new trade agenda to become economically independent. This is crucial to prevent the EU from lagging behind major global economies.

What they're saying: Belgian PM Alexander De Croo criticized the regulatory burden, stating it stifles entrepreneurship and reduces GDP growth.

• The Financial Times quotes a business leader calling the EU’s "Green Deal" laws a "cash cow for consultants."

What’s next: The EU Commission and national governments' response to the Draghi report will be evident next week with the announcement of the new Commission's portfolios. This will provide the first clue on whether the recommendations will be acted upon.

ADDITIONAL INFORMATION:

The report can be downloaded from here.