Mario Draghi outlines his plan to make Europe more competitive

illuminem summarizes for you the essential news of the day. Read the full piece on The Economist or enjoy below:

🗞️ Driving the news: Mario Draghi, former central banker, outlines his strategy to revive European competitiveness, calling for investment on the scale of the Marshall Plan and a renewed focus on innovation
• He argues that Europe’s long-term economic stagnation is eroding household living standards compared to the U.S.

🔭 The context: Europe's GDP growth has significantly lagged behind the U.S. since 2000, leading to slower increases in real disposable income for European households
• Draghi advocates for a comprehensive investment initiative to close the gap and boost economic performance across the continent

🌍 Why it matters for the planet: Economic stagnation can hinder Europe's ability to invest in sustainable technologies and climate solutions
• A revitalized, competitive Europe would be better positioned to lead global efforts in green innovation and sustainable growth

⏭️ What's next: Draghi calls for structural reforms, deeper integration, and increased investment in technology and infrastructure to reverse Europe's economic slowdown
• Achieving this will require significant political will and collaboration across EU member states

💬 One quote: “The continent needs investment on a par with the Marshall Plan and a lot more innovation,” says Mario Draghi

📈 One stat: Real disposable income per person has grown nearly twice as much in America as in the EU since 2000

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