Former European Central Bank Chief Mario Draghi is urging the EU to develop a new industrial strategy to counter the rapid advancements being made by the United States and China. In a recent video titled “How the EU risks falling further behind the US and China,” DW News explores the growing concern over Europe’s lagging competitiveness in the global market.
Draghi highlights the need for the EU to modernize its industrial policy in order to keep pace with the technological innovations and economic growth seen in the US and China. He warns that without a strategic plan in place, Europe risks losing its footing in key industries such as artificial intelligence, digitalization, and green technologies.
The video delves into the challenges faced by the EU in terms of regulatory barriers, lack of investment, and limited cooperation among member states. It emphasizes the importance of fostering a more cohesive and unified approach to industrial development in order to remain competitive on the world stage.
As political leaders and policymakers grapple with these pressing issues, Draghi’s call to action serves as a stark reminder of the urgent need for the EU to step up its game in order to avoid falling further behind its global counterparts. The video serves as a wake-up call for Europe to prioritize innovation, investment, and collaboration in order to secure its future in the increasingly competitive global economy.
Watch the video by DW News
Video “How the EU risks falling further behind the US and China | DW News” was uploaded on 09/10/2024 to Youtube Channel DW News