‘Compete or Disappear’: Draghi urges Europe to act as one state

Former Italian Prime Minister Mario Draghi is sounding an urgent alarm for Europe's future, urging the continent to embrace a radical transformation or risk fading into global irrelevance. In his new book, "Competere o sparire" (Compete or Disappear), Draghi argues that Europe must confront the challenges of a rapidly changing world, including geopolitical conflicts, the rupture with the United States, competition with China, rising protectionism, and energy and raw material dependencies.

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We owe it to the founding fathers of Europe, to ourselves, to those who will come after us.

Draghi, who previously steered the European Central Bank and the Italian government, contends that the European Union, built on overcoming centuries of conflict, must reaffirm its core values and ambitions. He questions whether the original vision of the Union remains intact and stresses the responsibility owed to its founders, its current citizens, and future generations. The book, a compilation of his interventions over the past three years, details problems and proposes solutions for a more cohesive and competitive Europe.

"Competere o sparire" advocates for a "radical" overhaul of the EU, proposing new treaties and a "pragmatic" federalist structure. Draghi emphasizes the need for "common" investments in strategic sectors, including defense, to bolster Europe's position on the world stage. He notes that his appeals have grown increasingly impassioned over time, reflecting growing concern about accumulated delays and a perceived lack of risk awareness within the continent.

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Every challenge we had identified a year ago has become more acute.

Martin Wolf of the Financial Times, who penned the preface, describes Draghi as "the prophet of Europe," transitioning from a man of action to a key thinker. Wolf highlights the urgency in Draghi's interventions, citing his observation that "every challenge we identified a year ago has become more acute." Draghi criticizes the slow pace of reform implementation, pointing out in a speech that "agreements are elaborated through committees that dilute and delay, until the result no longer resembles what was intended." This bureaucratic inertia, he suggests, allows the new world to move ahead rapidly, leaving Europe behind.

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The problem is not the lack of ambition among leaders. It is what happens after ambition is set in motion. Agreements are elaborated through committees that dilute and delay, until the result no longer resembles what was intended.