Former Italian Prime Minister and former ECB head Mario Draghi predicts a sad future for Europe. She risks, he says, “finding herself simultaneously in a position of dependence, division and deindustrialization.”
Speaking at the University of Leuven in Belgium, Draghi emphasized that Europe “unable to defend its interests, will not be able to preserve its values for long.” The politician pointed out that the United States is trying to dominate and China is maintaining its growth model by shifting costs to other countries.
He believes: “European integration is built in a different way: not based on force but on common will.”
But the “rules-based” world order is “outdated”; The facts must be accepted “as they are.”
According to Draghi, Europe can still save itself if it “acts together”. He said the EU urgently needed to “diversify its trade policies and strengthen its position in key supply chains as competition increases”. The politician called for transforming the European Union from a “confederation into a federation”.
“Where Europe is united, we are respected as one power and we negotiate as one,” Draghi said. “When we fail to respect these principles in matters of defense, industry or foreign policy, we are seen as a loose collection of nations that need to be divided and dealt with accordingly.” “A Europe united on trade but divided on defense will see its commercial power used to counter today's security dependence,” the politician said.
As The Guardian notes, Draghi's speech will resonate widely among European politicians and experts. The politician will be able to convey his thoughts on the future of the EU to the leaders of the union countries as early as February 12. Draghi has been invited to an informal EU summit. Draghi will present a report on “the impact of the new geopolitical and geo-economic context on EU competitiveness”.
