EU must close innovation gap to overcome ‘existential challenge’, warns Draghi

Mario Draghi has sounded the alarm about the EU’s competitiveness — and future — as it is again failing to translate ideas and ambition into technological innovation. In a report commissioned by the bloc’s chief Ursula von der Leyen, Draghi stressed that a pronounced growth slowdown has widened the GDP gap between the Union and the US. This slowdown is closely linked to sluggish tech development. “Europe largely missed out on the digital revolution led by the internet and the productivity gains it brought,” the former European Central Bank (ECB) president said. He also warned that history might repeat itself.…

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