Draghi’s and Letta’s reports go hand in hand

Former Italian Prime Minister Mario Draghi presented a report on the future of European competitiveness, though it was delayed and was meant to be published before the European elections in June 2024. He discussed and introduced the first draft during a meeting with the group leaders in the European Parliament.

The required report

Last year, former European Central Bank chief Mario Draghi was tasked by Commission President Ursula von der Leyen with preparing a comprehensive study on how European industry can regain its competitiveness on the global stage amid a complex geopolitical environment. Draghi presented this report during a meeting with representatives of the political groups in the European Parliament.

Mr. Draghi announced that the report, developed through consultations with various stakeholders, will be officially presented next week, with its recommendations to be incorporated into the mission letters of future Commissioners.

To compile the report, Draghi conducted extensive discussions across all sectors of society, including businesses, trade unions, and politicians. He identified key barriers to competitiveness, such as lagging innovation, high energy costs, a skills gap, the need for increased digitalization, and stronger defense capabilities. He also emphasized the growing productivity gap between the EU and its main competitors and urged EU institutions to improve their governance for greater effectiveness.

In summary, Draghi highlighted several long-standing challenges that have hindered European competitiveness and called for their removal to restore the region’s global standing.

Reaction to the report

The report was widely appreciated by EU officials. Manfred Weber, leader of the EPP, praised Draghi’s work, emphasizing its value “not only on an economic aspect.” Valerie Hayer, leader of Renew, expressed her desire for both the Letta report and the Draghi report to form the basis of the new European Commission’s political program.

Regarding his report, Draghi emphasized the importance of clearly identifying who is responsible for driving change within the EU. He noted that it will be up to EU leaders, MEPs, EU institutions, and Member States to decide how to implement his recommendations and turn them into concrete results for Europeans.