(Sébastien Maillard – Chatham House) The metaphor remains painfully true: Europe is an economic giant but a political dwarf. Mario Draghi stressed how this imbalance has become unbearable in a short but sharp speech delivered at the Catholic University of Leuven on 2 February. The Italian economist and politician did not mince his words in pointing out the only path that, in his view, would enable Europe to grow politically: that of ‘pragmatic federalism.’. With this formula – which he had laid out in an earlier speech on 24 October last year in Oviedo, Spain – Draghi adds an institutional dimension to his much- vaunted 2024 report on European competitiveness.
Draghi wants real decision-making power in Europe, not a federal Big Bang
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