“The leading companies in terms of research and investment spending are the same as they were 20 years ago: automotive,” he said. “The U.S. was the same 20 years ago: automotive and pharmaceuticals. Now it’s all digital.”
China isn’t just catching up. It’s also overtaking Europe in areas like electric vehicles.
magic wand
Draghi’s vision for how to respond is ambitious, with a focus on clean energy, high-tech and resilience. The proposals cover energy market reforms, looser merger rules and – for you Brussels nerds – changes to the EU’s legislative consultation process (known in the jargon as “comitology”).
He wants to finance the project massively, increasing private and public investment by 800 billion euros a year – an unprecedented increase in spending on a continent that is still unsure whether to pour money or plug its budget deficit.
If we could just wave our wand and implement all these solutions, there’s no doubt that we could give the European economy a rocket boost.
But after 77 years, Draghi, like all current European politicians and all those before him, must have realized that there is no such magic wand.
