The former Italian prime minister is preparing to issue a sweeping report on economic competitiveness.
In a few weeks, Mario Draghi will lay out a vision of how the European Union can boost its productivity and stay competitive in an “increasingly cutthroat” global economy. | Sean Gallup/Getty ImagesVictoria Guida is an economics reporter covering the Federal Reserve, the Treasury Department and the forces driving economic policy. Her column, CAPITAL LETTER, demystifies the policies, people and institutions that shape the financial system and the broader economy.
Credited with saving the euro as head of the European Central Bank and then with helping revive Italy’s economy as a caretaker prime minister in the wake of the pandemic, “Super Mario” is an unusually respected figure in Europe, and a rare leader who has largely managed to transcend factional politics .
The reason: such reforms will need to clear a gauntlet of bureaucratic, political and financial barriers to happen. Without a shove from someone like Draghi, any wide-ranging economic reforms could be dead on arrival. Of course, China looms larger in that debate, with Beijing ramping up subsidies on all manner of goods , and flooding global markets with the resulting production. U.S. and EU countries last week at the G7 jointly agreed to confront China over this excess capacity.
At worst, industrial policies in both the U.S. and the EU aimed at attracting investment could work at cross-purposes and make the whole endeavor more expensive for both sides. But that law, along with federal spending to boost domestic manufacturing of semiconductors, got Europe’s attention.
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