EU ‘needs €800bn-a-year spending boost to avert agonising decline’
by Phillip Inman from on (#6QK8T)
Report by Mario Draghi calls for additional investment to regain growth and prevent social unrest
The EU should fear for its self-preservation as it faces a slow and agonising decline", according to a hard-hitting report by the former Italian prime minister Mario Draghi that calls for an 800bn-a-year spending boost to end years of stagnation.
Warning that the Covid pandemic and Ukraine war had changed the rules of international trade to the EU's detriment, he said the bloc needed additional investment of 750bn-800bn a year - equivalent to 5% of the EU's annual economic output - to build a more resilient economy and regain previously high rates of productivity growth.
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