The Draghi Report shows that per capita income in the US has grown more than in Europe since the 2008 global financial crisis, as Europe has fallen behind America (and China) technologically. Since this productivity gap is born of chronic under-investment — EU companies spent EUR270 billion ($394 billion) less on research and development than their US counterparts in 2021 alone — Draghi recommends that Europe expand its investments by EUR750–800 billion per year (around 4.4–4.7% of GDP).
Few national leaders get to save their societies even once, let alone twice. Charles de Gaulle did so, first by leading Free France during World War II, and then by ending the Algerian War and forging the Fifth Republic that we know today. Last year, Mario Draghi was given a chance to do the same.
Draghi’s first heroic moment came at the height of the euro crisis in 2012, when, as president of the European Central Bank, he declared that the ECB would “do whatever it takes” to avert a financial collapse. Then, the European Commission handed him the keys to Europe’s future once again. Last September, he released a major report on European competitiveness, the core message of which has become more relevant than ever.
