Mr Draghi, author of a report on European competitiveness requested by the President of the European Commission, said that the EU needed to focus on three crucial issues: closing the innovation gap with the US and China; developing a joint plan to link the goal of decarbonisation with increased competitiveness; and boosting Europe’s security and reducing its dependence on foreign economic powers.

Maintaining the European way of life will rely on improving competitiveness, and improving competitiveness requires closer cooperation and integration between Europe’s nations, Mr Draghi said.

A fit-for-purpose competitiveness agenda would require annual funding of between EUR 750 – EUR 800 billion for projects whose objectives were already agreed upon by the EU. Some of this money could come from private sources, but some would also need to be secured through public investment, including by new common debt issued specifically to fund key joint projects, Mr Draghi said.

In a debate…