Economic reforms in the European Union have become “even more urgent” with the election of Donald Trump in the United States, warned former Italian Prime Minister Mario Draghi on Friday who came to present his proposals to the leaders of the Twenty-Seven meeting at a summit in Budapest.
Mario Draghi published a report at the beginning of September to revive growth in a Europe which is stalling compared to the United States.
“The recommendations in this report were already urgent, given the economic situation we find ourselves in today. They became even more urgent after the US elections”he declared upon his arrival.
“There is no doubt that Trump’s presidency will make a big difference in relations between the United States and Europe. Not necessarily in an entirely negative way, but of course we have to take it into account”he added.
The American billionaire has promised to tackle the EU’s trade surpluses by imposing taxes on imports.
Europe must revive its growth through massive investments in digital innovation, the green transition and defense industries, estimates Mario Draghi in his report on competitiveness.
If it does not make radical changes, the EU will live “a slow agony”he warned in September.
“Competitiveness is not just a buzz word, it means we need to focus on economic growth”said the President of the European Parliament, Roberta Metsola, on Friday.
The President of the European Council, Charles Michel, affirmed for his part that the heads of state and government of the Twenty-Seven would approve a joint declaration on the subject of the Draghi report. “The Draghi report is an excellent basis (for work), an excellent document”he declared.