In a landmark 400-page report, Mario Draghi warns that without significant investment, Europe risks a slow decline, failing to match the US and China.
Draghi emphasizes the urgency of annual investments three times those of the Marshall plan, highlighting that Europe's economies cannot keep pace otherwise.
The impact of Russia's war in Ukraine and rising defense costs exacerbate Europe's economic struggles at a time when nationalist sentiments are rising.
Draghi's proposal includes a radical overhaul of the EU's economic framework, advocating for common EU borrowing to fund a transformative industrial strategy.
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