The European Union is “failing to match the speed of change” in the United States and China and must act urgently on economic reforms, former ECB chief Mario Draghi warned Tuesday.
Speaking in Brussels one year after publishing a 400-page competitiveness report, Draghi said EU citizens were “disappointed by how slowly the EU moves” and called for “results within months, not years.”
Global trade tensions, high public debt and Europe’s dependence on foreign suppliers have “painfully” exposed the cost of inaction, Draghi said, urging leaders to abandon “complacency.”
Only 11% of Draghi’s 383 reform recommendations have been fully implemented, with 20% partially fulfilled, according to the European Policy Innovation Council.
EU chief Ursula von der Leyen, addressing the same conference, defended her record on artificial intelligence, defence and cutting red tape, but admitted more speed was needed.
The Commission has pledged €150 billion in loans for defence and claims red-tape reforms could save companies €9 billion annually. Draghi, however, called for a pause on applying AI rules to high-risk systems until their impact is clearer.
