“In a previous article[1], we discussed the major challenge for the European Union (EU): to accelerate its ecological transition while dealing with the consequences of the ageing of its population. It so happens that the stakes have just been clarified in the Draghi report on the future of European competitiveness[2]. In order to preserve their social model or not stall in the face of Chinese and American competition, the EU 27 countries should increase their productive investment by at least EUR 800 billion per year, which entails an unprecedented effort (equivalent to 4.7 GDP points, i.e., at least two Marshall Plans). As Member States are financially constrained, the report calls for common debt and a capital markets union, the only way to unlock private savings, that is ample but remain in silos.”
Læs hele analysen her.
Morten W. Langer
