Mario Draghi had an initial meeting with European economic ministers for the preparation of the report on the competitiveness of the euro entrusted to him by the European Commission. The meeting of ministers with the former president of the European Central Bank took place on Saturday 24 February, at the Ecofin in Ghent, Flanders.
“Many profound changes have occurred in the global economic order in recent years and these changes have had a number of consequences, one of which is clear: Europe will have to invest enormous amount of money in a relatively short time,” explained Draghi. “ When we look at our main competitors and at the United States in particular, the gap is everywhere: in productivity, in GDP growth, in GDP per capita ,” insisted the former president of the European Central Bank who also reported quantitative estimates of resources to invest for European growth and competitiveness.
“ The needs of the green and digital transitions are estimated at at least 500 billion euros per year, to which defense and productive investments must be added ”. Draghi's concern concerns "The gap between the EU and the USA" which "is widening especially after 2010. It took the USA two years to return to previous levels, the EU 9 years and we have not gone up since then. There is an investment gap of 1.5% of GDP equal to 500 billion euros." Addressing the ministers gathered in Belgium, Draghi asked them how to finance the needs of the huge investments to be made, how to mobilize savings in Europe, the national fiscal space, also in light of the new rules of the Stability Pact, and what think of an EU fund, a loan or public and private partnerships channeled by the European Investment Bank.
At Ecofin there was a clear feeling that Mario Draghi's prestige and authority could provide an added value of great impact in the next decision-making rounds of European economic assemblies.
staff @europolitiche.it
