Draghi report: EU must boost spending by €750B per year - Breaking The News

Draghi report: EU must boost spending by €750B per year

9 September

1 min read

EPA-EFE/PAULO NOVAIS

Former European Central Bank (ECB) President and Italian Prime Minister Mario Draghi said in his competitiveness report on Monday that the European Union must spend an additional €750 billion per year to remain competitive. He suggested joint debt issuance as a way to raise funds, stating that private investment alone will not be sufficient and risks destabilizing the euro area economy.

Draghi said most of the reports' proposals are designed to be implemented quickly but called for better policy coordination among member states. He added joint assessment is needed on the use of common assets to enable common EU funding.

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