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The EU must invest a “huge amount of money” in the short term

The EU must invest a “huge amount of money” in the short term

“NIn recent years, the global economic system has undergone profound changes. “These changes have many consequences, one of which is obvious: we will have to invest a huge amount of money in a relatively short period of time in Europe,” Mario Draghi said.

Speaking at the end of the second and final day of the informal meeting of European Union finance ministers, in the Belgian city of Ghent within the framework of the rotating presidency of the Council held by Belgium, the Italian official indicated that he had conducted a “preliminary exchange of views” with European government officials on the issue of European competitiveness. , on which a report is being prepared.

“I am not just talking about public money, but also about private savings, and about mobilizing these savings much more than we have done so far,” Mario Draghi said.

European Union finance ministers today discussed the bloc's competitiveness compared to powers such as the United States or China, as Mario Draghi prepares a report on the matter.

At this informal meeting, officials discussed how to improve the EU's economic competitiveness, in particular how to achieve capital market union to channel household savings and finance the community's priorities for environmental, digital, security and defense transitions.

Just today, Portuguese Finance Minister Fernando Medina defended that the report prepared by Mario Draghi, on the European Union's competitiveness, will change “the coming years in community economic policy.”

With Belgium assuming the rotating presidency of the European Union, competitiveness at the global level and in the internal market has become a priority for the Belgians.

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This topic was highlighted at the informal meeting of European Finance Ministers, with the aim of ensuring that the societal sphere is able to overcome the current critical challenges related to weak growth, in particular after the effects of the war in Ukraine, and to ensure a social and economic future in Europe. Confronting powers such as the United States or China.

This discussion precedes the report by former ECB President Mario Draghi on European competitiveness, which should be presented in the summer in June.

In her State of the Union address last September, European Commission President Ursula von der Leyen announced a report on European competitiveness and spoke of a “challenging” context for EU industry.

The then-official listed “three major economic challenges for the industry” in 2024, including “labor and skills shortages, inflation” and the need to “facilitate business activity,” at a time of constrained economic growth. .

For this reason, von der Leyen has asked Mario Draghi, “one of Europe’s greatest economic minds, to prepare a report on the future of European competitiveness,” which is due to be released in the summer.

Read also: Draghi’s report will mark the “coming years in economic policy” in the EU