(9 September 2023 – Europe) Former European Central Bank (ECB) President Mario Draghi has delivered a scathing address to the European Parliament criticising the European Union (EU) for becoming increasingly uncompetitive in global markets.
Draghi attacked officials for policies that fail to boost innovation while highlighting skills gaps and other systemic challenges. Draghi demands “radical change” and a strong role for the private sector instead of excessive government intervention.
The final report has not been published but outlines changes to tackle ten major economic sectors to be officially delivered to the Commission next week. Draghi was criticised himself for not providing prescriptive solutions for the sluggish EU economy.
“Some aspects of the European economy give me nightmares. The EU needs 360-degree reform. Improving access to capital and online capital formation while incentivising risk-taking could help the EU improve its economic prospects” Draghi said.