Former ECB President Mario Draghi called on the EU to invest as much as €800bn extra a year to make the bloc more competitive and to commit to the regular issuance of common bonds to compete w/China and the US.
Draghi said that Europe will need to boost investment by about 5ppts of the bloc's GDP – a level not seen in >50yrs – to transform its economy so that it can remain competitive.
Draghi also pitched an adaptation of the EU's competition policy so that "it does not become a barrier" to the bloc's industrial goals.
La inversión en activos fijos es paupérrima en Europa. El crecimiento está basado en el consumo público:
Mario Draghi's report on European competitiveness -- the key message on energy states the very often ignored obvious: "High energy costs in Europe are an obstacle to growth"
Executive summary (69 pages): https://commission.europa.eu/document/download/97e481fd-2dc3-412d-be4c-f152a8232961_en?filename=The%20future%20of%20European%20competitiveness%20_%20A%20competitiveness%20strategy%20for%20Europe.pdf
Full report (328 pages): https://commission.europa.eu/document/download/ec1409c1-d4b4-4882-8bdd-3519f86bbb92_en?filename=The%20future%20of%20European%20competitiveness_%20In-depth%20analysis%20and%20recommendations_0.pdf
Europe drifts more and more into misguided "dirigisme." Take the ECB, which intervenes to hold down high debt country yields when these spike, perpetuating a high debt - low growth equilibrium. Today's Draghi report is more of the same. Europe needs less government. Not more...
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