Draghi: EU needs economic makeover to boost competitiveness

Former Italian prime minister Mario Draghi has called on the European Union to develop a "new industrial strategy" to revive the bloc's flagging competitiveness to achieve economic growth.

Draghi described the EU as being "stuck in a static industrial structure" compared to United States and China, and called for more investments in research and innovation, clean energy technologies, and faster regulatory decision-making.

To achieve new economic growth, the EU needs investment worth €750-800 billion ($829-850 billion) annually, Draghi said, the equivalent of 4.4-4.7% of the EU's gross domestic product (GDP) in 2023.

To show the scale of the investment and challenge required, Draghi made reference to the United States' Marshall Plan to rebuild Europe after World War II.