On September 17, Mario Draghi presented his report during the plenary session of the European Parliament in Strasbourg. The document, requested directly by the European Commission, is substantial, not only in length -over 400 pages- but also in the breadth of topics covered and the number of concrete actions already outlined within it. There are approximately 170 actions, which will be central to the Commission’s political agenda over the next five years.
The report systematically and thoroughly addresses all the major challenges for the future of the European Union. It offers a broad perspective, touching not only on competitiveness but also on social inclusion, ecological transition, energy security, and common defense. A crucial strategic perspective emphasized the indispensable need for a strong and cohesive Europe, particularly in its relations with China and in defending democracy and international law from autocracies that once again threaten the continent.
The core of the document is to revive the competitiveness of the European Union. To do so, it is essential to maintain Europe’s ability to attract investment and, above all, to stimulate research and innovation in key sectors for the future. The risk is that Europe could fall behind global players such as China and the United States. Draghi’s analysis clearly highlights the need to enable European industry to perform and continue to produce advanced knowledge and technologies. To achieve this, it will be necessary to rethink how the EU allocates its resources for innovation, aiming to direct more funds, following a more ambitious yet achievable agenda.
Europe will be able to continue competing on the global stage only if it manages to decarbonize its industry. A critical point, reiterated multiple times by Draghi, emphasizes the complementarity between decarbonization and industrial revitalization. Therefore, achieving climate neutrality does not mean de-industrializing the European Union, nor does it mean losing so-called quality jobs that will be the foundation of the future industry. The key to success will be retaining jobs within the EU by leveraging non-EU-made technologies and attracting external investments.
Another essential chapter concerns energy and the need to ensure a supply that is sustainable both economically and environmentally for citizens. Regarding defense, Draghi renewed the call for implementing joint planning. The idea is to rationalize and strategically direct each Member State’s defense spending. It is worth noting that Europe has many SMEs specialized in defense, which represent not only excellence but also untapped potential.
Concluding his speech at the European Parliament, Draghi addressed MEPs, stressing that everything necessary in the coming years must be done with full transparency and accountability. Reforms and changes must pass through democracy and direct interaction between institutions, citizens, and businesses. The report was welcomed by all political forces in the European Parliament, demonstrating great sensitivity and interest in further collaboration with Mario Draghi in the coming months. This leaves the new European Commission with the task of implementing the report’s content, while valuing Draghi’s contribution.
