Mario Draghi, former President of the European Central Bank (ECB) who has experience saving Europe from crisis, suggested that extensive and bold reforms are necessary for the European Union (EU) to restore its global competitiveness.
According to major foreign media on the 5th (local time), former President Draghi made these remarks during separate private meetings held the previous day with political group leaders of the European Parliament and permanent representatives of EU member states.
He listed various difficulties facing the EU and emphasized the need to accelerate the digitalization of the economy and unprecedented levels of cooperation among EU institutions for a 'radical transformation.' He also proposed reducing bureaucracy, narrowing technological gaps between member states, and further EU integration.
Known as 'Super Mario,' former President Draghi has experience overcoming the Eurozone debt crisis (then 19 countries using the euro) through bold large-scale monetary easing policies during the European financial crisis.
Meanwhile, the meeting was held to provide EU policymakers with a preliminary briefing on the contents of the 'EU Competitiveness Report,' which Draghi has been dedicated to for a year, ahead of its official release. A significant portion of the report's content is likely to be referenced in the process of establishing new policies to strengthen competitiveness for the 'von der Leyen Commission's second term,' which will begin after November.
Restoring EU competitiveness, which was also a theme of the European Parliament elections last June, is considered a critical issue facing the EU amid manufacturing decline and intensified US-China competition.
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