A report authored by a leading Italian politician offers ideas for making the EU as economically competitive as the United States again. Some of its proposals are convincing. But the focus on Brussels-led industrial policy is off base.

Ursula von der Leyen announced an ambitious restructuring of her European Commission, adopting some of former European Central Bank President Mario Draghi’s proposals aimed at making the bloc more competitive.

The continent needs investment on a par with the Marshall Plan and a lot more innovation, says the former central banker

Mario Draghi's proposal for a revamp of Europe's competition policy has sparked debate. While some speculate a leniency towards mergers, officials insist that competition policies remain vital to maintaining low prices and a level playing field.

The European Union needs far more coordinated industrial policy, more rapid decisions and massive investment if it wants to keep pace economically with rivals the United States and China, Mario Draghi said on Monday in a long awaited report.

Report was supposed to jump-start an industrial revival, but there are political obstacles and it will require unity on China policy.

A long-awaited report on how to rescue Europe’s economy from weak growth and red tape is in. The question is, how much of its recommendations will actually be enacted by the often slow-moving politics of the European Union?

By the standards of such reports, Mr Draghi’s is commendably plain-spoken (thereby winning an endorsement from Elon Musk, who aspires to be a scourge of obscurantist bureaucrats). The former Italian prime minister and president of the European Central Bank speaks with authority and much of what he calls for is desirable.

European countries are facing challenges in competing in global markets. Former Italian Prime Minister and former ECB President Mario Draghi proposed a recovery plan that wasn't well-received by everyone.

Former European Central Bank President Mario Draghi warns of a "slow agony" for the European economy. He emphasizes that the gap between the economies of the EU and the USA is widening. In his view, Europe "needs investment on a par with the Marshall Plan and a lot more innovation.