Mario Draghi delivers his report on the future of European competitiveness. He urges EU to catch up rivals or face „slow agony”.
European Commission President Ursulavon der Leyen received the report on the future of European competitiveness delivered by Mario Draghi, former President of the European Central Bank. The report looks at the challenges faced by the industry and companies in the Single Market.
The findings of the report will contribute to the Commission’s work on a new plan for Europe’s sustainable prosperity and competitiveness. And in particular, to the development of the new Clean Industrial Deal for competitive industries and quality jobs, which will be presented in the first 100 days of the new Commission mandate.
The European Union needs far more coordinated industrial policy, more rapid decisions and massive investment if it wants to keep pace economically with rivals the United States and China, Mario Draghi said.
„The situation at the moment is really worrisome,” Draghi told a news conference in Brussels.
„Growth has been slowing down for a long time in Europe, but we’ve ignored (it)… Now we cannot ignore it any longer. Now conditions have changed.”
In his nearly 400-page report, Draghi said the bloc needed investment of 750-800 billion euros ($829-884 billion) per year, up to 5% of GDP – far higher even than the 1-2% of EU GDP in the Marshall Plan for rebuilding Europe after World War Two. And the bloc must act on several fronts.
„It’s ‘Do this’ or it’s a slow agony,” Draghi warned.
Mario Draghi quotes:
„The EU’s regulatory stance towards tech companies hampers innovation… GDPR is estimated to have reduced the profits of small tech companies by more than 15%. We are killing our small companies. We are self-defeating.„
„There is no EU company with a market capitalisation over EUR 100 billion that has been set up from scratch in the last fifty years, while all six US companies with a valuation above EUR 1 trillion have been created in this period. This lack of dynamism is self-fulfilling.„
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The future of European competitiveness – A competitiveness strategy for Europe
The future of European competitiveness – In-depth analysis and recommendations
Anders Olofsson – former Head of Payments Finastra
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
