Massimo Di Vita | Mondadori Portfolio | Getty ImagesThe European Union needs up to 800 billion euros ($884 billion) in additional investment per year to meet its key competitiveness and climate targets, according to a report from economist and politician Mario Draghi.
The bloc's goals of bolstering its geopolitical relevance, social equality and decarbonization are being threatened by weak economic growth and productivity compared with the U.S. and China, the report states.
The EU is meanwhile suffering an "innovation deficit" which must be tackled through reforms to research and development funding and policy, the report states.
To fast-track policymaking, the report proposes limiting the voting items that require support from an absolute majority of member states.
Funding questionPublic and private investments are being hindered by the size of the EU budget, its lack of focus and its risk aversion, the Draghi report says.
Persons:
Mario Draghi, Massimo Di Vita, Draghi —, —, NextGenerationEU
Organizations:
Italian, European Union, U.S, European Central Bank, European, European Securities and Markets Authority, U.S . Securities, Exchange Commission, SEC
Locations:
Rome, Italy, China, EU, Europe, Germany