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The great return of Mario Draghi to the EU

2024-02-15 14:09:21Biznes SHKRUAR NGA REDAKSIA VOX

The great return of Mario Draghi to the EU

The return of Mario Draghi to the European Union is considered rwndwsishwm. His role will focus on increasing competitiveness, the transition to the green economy and the development of new technologies. The name of the 76-year-old Draghi has also been heard for the presidency of the Commission on the eve of the European elections to be held in June

The former president of the European Central Bank and the former prime minister of Italy, Mario Draghi, is returning to the European stage, in the framework of the Commission's efforts to increase the competitiveness of the EU, the transition to a greener economy and the development of technologies cloud.

"Super Mario", as Draghi was known during his term in the ECB, will now work with the finance ministers of the European Union - Ecofin on these issues following an initiative of the Commission itself. EU President Ursula von der Leyen chose him asking him to make specific proposals regarding the development of the competitiveness of the European economy, especially in the face of major challenges coming from the US and China.

The name of the 76-year-old Draghi has also been heard for the presidency of the Commission on the eve of the European elections to be held in June, where it is said that he has declared that he would not be interested in taking a role in the EU institutions. However, Reuters sources from Italy say that he would not withdraw if there was a multilateral agreement and institutional consensus for his candidacy.

His name has also been heard for the presidency of the European Council since Charles Michel announced that he will be a candidate in the European elections and is now looking for his deputy for this post.

Draghi, who after serving at the ECB from 2011 to 2019 took over as prime minister of Italy's broad coalition government from 2021 to 2022, will discuss with finance ministers the steps needed to boost public and private investment. according to sources cited by Reuters. Already for this purpose, he is suspected to have had contacts in Milan with various businessmen last month. The report he will present includes specific proposals and is expected to be made public by the end of June.

During this time, Europe is facing many challenges. The USA is constantly increasing its competitiveness, especially with special legislation that offers great incentives for companies of all kinds to invest there, "stealing" funds from the EU.

China, for its part, has never backed down from its goal of becoming an even stronger superpower and has tried several times to buy European high-tech companies.

Also during this time, a race has started for the development of artificial intelligence technologies and the USA has the lead through giant companies such as Microsoft, Alphabet and others. Europe also depends on other technologies, such as microchips, from Asian companies including China and South Korea.

At the same time, Europe faces the great challenge of moving towards a net-zero emission economy in the coming decades, which requires major changes especially in the energy and manufacturing sectors.

The challenges for Europe in the energy sector are special. Russia's attack on Ukraine exposed the EU's dependence on imported natural gas, prompting the continent's industrial groups to shift production elsewhere. This comes despite the bloc's efforts to switch to other gas and oil suppliers. At the same time, while the energy crisis has spurred investment in renewables, this transition is expected to take decades.


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