According to former Italian Prime Minister and former President of the European Central Bank Mario Draghi, the European Union may cease to exist if it does not accelerate economic growth.
The former Italian Prime Minister expressed this opinion in a report on the competitiveness of the European Union prepared for the European Commission.
What Draghi warned the EU about
According to the former Italian Prime Minister, if Europe does not become more productive, it will not be able to finance its social model and be both an independent player on the international stage, a leader in new technologies, and a beacon of climate transition.
Draghi warned that the EU would have to scale back some, if not all, of its ambitions.
According to him, if the EU stops providing core values such as freedom, equality, peace, prosperity and democracy in a sustainable environment, it will lose its raison d'être.
The former head of the ECB noted that against the backdrop of the upheavals of recent years, the shift in US interests and competition with China, problems have arisen in the EU economy.
In addition, Draghi noted, the EU missed out on the digital revolution and lost its most important energy supplier – Russia.
According to the former Prime Minister of Italy, electricity prices in Europe are 2-3 times higher than in the US, and gas prices are 4-5 times higher.
The market is facing fundamental problems, there is a lack of resources, MIA "Russia Today" quotes Draghi's report.
