The whole #EU is reading Draghi. The core of his proposal is to move from "national champions" that operate under a practical regime of national #monopoly, to "European champions" that attract capital that now goes to the #USA and #China, creating a continental capital market and channeling resources en masse from states to companies. In other words, the end of the large national #industry and the move to a "European capital" supposedly not tied to any specific state, which national states logically distrust.
In the end, the proposal involves making the definitive leap to #militarism as an essential part of public spending and industrial policy...
https://www.euractiv.com/section/defence-and-security/news/draghi-urges-member-states-to-adhere-to-ambitious-defence-industry-reform/
...and a new era of #austerity, maintaining as far as possible the rules and objectives of the Maastricht and Lisbon era.
«The most likely path forward for the economy will be a mix of budget tightening and Brussels-instigated investment as a sort of continuation of the policies followed during the pandemic, but now with much greater attention to deficits. Doing so, however, will cause damage to the European welfare state, which Draghi has claimed to want to preserve».
https://www.elconfidencial.com/economia/2024-09-10/draghi-informe-demoledor_3958735/
A new obsession with the #public deficit that will hardly be softened by the passing of the #GreenDeal into the background or simply its disappearance "if decarbonisation leads to #deindustrialisation in Europe".
https://www.euractiv.com/section/energy-environment/news/draghis-pitch-to-save-green-growth/
In the end, the proposal involves making the definitive leap to #militarism as an essential part of public spending and industrial policy...
https://www.euractiv.com/section/defence-and-security/news/draghi-urges-member-states-to-adhere-to-ambitious-defence-industry-reform/
...and a new era of #austerity, maintaining as far as possible the rules and objectives of the Maastricht and Lisbon era.
«The most likely path forward for the economy will be a mix of budget tightening and Brussels-instigated investment as a sort of continuation of the policies followed during the pandemic, but now with much greater attention to deficits. Doing so, however, will cause damage to the European welfare state, which Draghi has claimed to want to preserve».
https://www.elconfidencial.com/economia/2024-09-10/draghi-informe-demoledor_3958735/
A new obsession with the #public deficit that will hardly be softened by the passing of the #GreenDeal into the background or simply its disappearance "if decarbonisation leads to #deindustrialisation in Europe".
https://www.euractiv.com/section/energy-environment/news/draghis-pitch-to-save-green-growth/
EURACTIV
Draghi urges member states to adhere to ambitious defence industry reform
Mario Draghi called for a division of labour across the continent, for cash on projects of European interest and a buy-European preference, as member states mull reforming the bloc's defence industry.
#Germany and #deindustrialisation. “The credit insurer Allianz Trade is sounding the alarm: Around 21,500 company bankruptcies are expected in 2024, which would be 21 percent more than the previous year. The high number of major bankruptcies is particularly worrying,” says Spiegel.
https://www.spiegel.de/wirtschaft/experten-befuerchten-starken-anstieg-der-insolvenzzahlen-a-c2f32c44-ca3a-40d1-b826-c1588a8dd932
https://www.spiegel.de/wirtschaft/experten-befuerchten-starken-anstieg-der-insolvenzzahlen-a-c2f32c44-ca3a-40d1-b826-c1588a8dd932
Spiegel
Experten befürchten starken Anstieg der Insolvenzzahlen
Kreditversicherer Allianz Trade schlägt Alarm: Für 2024 sei mit rund 21.500 Firmenpleiten zu rechnen – das wären 21 Prozent mehr als im Vorjahr. Sorge bereitet vor allem die hohe Zahl an Großinsolvenzen.
From May 2023 to May 2024, a year of #deindustrialisation in the #EU. The three industrial powers (#Germany, #France and #Italy) are falling and the decline is not compensated by the rest of the Union.