The EU must radically reform the
way it operates so it can behave like an individual State to
face the huge challenges before it, former Italian Premier and
former European Central Bank president Mario Draghi told the
European Parliament on Tuesday.
"It is increasingly clear that we must act more and more as if
we were a single state to meet the EU's challenges," said
Draghi, who last year presented a report commissioned by the
European Commission on how to revamp European competitiveness.
"The complexity of the policy response involving research,
industry, trade and finance will require an unprecedented degree
of coordination between all actors: national governments and
parliaments, the Commission and the European Parliament.
"The response to the new situation around the EU must be rapid,
because time is not on our side, with the European economy
stagnating while much of the world is growing.
"It must be commensurate with the scale of the challenges.
"And it must be focused on the sectors that will drive further
growth. Speed, scale and intensity will be essential.
"We must break down internal barriers, standardize, harmonize
and simplify national regulations and push for a more
equity-based capital market".
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