His warning resonates as Europe grapples with sluggish growth and a growing productivity disparity with the U.S. These challenges have been exacerbated by U.S. President Donald Trump’s return to power, as Washington adopts a more confrontational stance on trade and security.
Draghi, a former Italian prime minister, re-emerged in the EU’s political arena after unveiling a plan in 2024 to reverse the bloc’s economic decline, a plan now requiring €1.2 trillion annually to implement the recommendations.
“Every strategic dependence must now be reconsidered,” he addressed the audience, which included German Chancellor Friedrich Merz; his successor as ECB president, Christine Lagarde; and Greek Prime Minister Kyriakos Mitsotakis, cautioning that “if openness remains our only response, it equates to a lack of decision.”
Draghi highlighted artificial intelligence and defense as crucial areas where Europe must urgently boost investment, emphasizing that energy infrastructure is vital for Europe’s competitiveness and security.
He criticized Europe’s slow advancement in this area, lamenting that EU decision-making often “dilutes and delays” action, ultimately falling short of necessary measures.
“Weak delivery undermines legitimacy, and weak legitimacy further complicates delivery. We must break that cycle,” he concluded.
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