Former European Central Bank (ECB) President Mario Draghi said the EU will need €500 billion every year to continue its green and digital transition. This was reported by TASS.
“The financing gap between Europe and the USA in terms of investment amounts to half a trillion euros a year, and one-third of it consists of public funds,” he said.
According to Draghi, the three main pillars on which the EU’s economic success has long depended – cheap energy from Russia, highly profitable exports to China and military protection from the United States – have either completely disappeared or been called into question.
Draghi too statedIt is stated that the European Union has to quickly find funds for large-scale investments in order to determine its place in the conditions of sharp change in the world order. He considered the changes in the world economic order over the last few years to be “fundamental”.
Former Bundestag member Schick stated Concerning the need to regulate the activities of banks in the EU.
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Source: Gazeta
Emma Matthew is a political analyst for “Social Bites”. With a keen understanding of the inner workings of government and a passion for politics, she provides insightful and informative coverage of the latest political developments.