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Draghi: “Ukraine risks being isolated, Europe must act as one”
The former ECB president urges swift and coordinated action to address geopolitical challenges, warning that Ukraine’s security and the European economy are in danger. Draghi points the finger at U.S. tariffs and Europe’s lag in Artificial Intelligence
Former European Central Bank President Mario Draghi sounded an alarm about the geopolitical situation during his speech at the European Parliamentary Week in Brussels. Draghi pointed out that if recent statements from the United States outline the future of Europe, Ukraine may find itself increasingly alone in ensuring its own security and that of the whole of Europe.
According to Draghi, it is becoming increasingly clear that Europe will have to act as a single state to address global challenges. “The complexity of the policy response, involving research, industry, trade and finance, will require an unprecedented level of coordination between all actors: national governments and parliaments, the Commission and the European Parliament,” he stressed.
The former ECB president also warned that U.S.-imposed tariffs on imports from the EU and China could have serious repercussions, redirecting Chinese manufacturing “overcapacity” to Europe and putting European companies at risk. “In the coming months, the EU will face tariffs imposed by the new U.S. administration, which will hinder our access to our largest export market,” he said.
Draghi also highlighted concerns about U.S. policies that could incentivize European companies to produce in the United States, thanks to a more favorable tax environment, cheap energy and deregulation.
On Artificial Intelligence, Draghi stressed that Europe is lagging behind that could cause it to lose the “frontier” of innovation. “Every day we lose ground, the technological frontier moves away from us,” he said, but he also stressed that cost-cutting offers Europe an opportunity to catch up quickly.
His speech was a strong call for Europe to respond promptly to geopolitical and economic challenges by focusing on innovation and cohesion.
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(Photo: © AndKronos)
