Draghi’s new book urges Europe to reignite growth to defend its dream
Executive summary: The book ‘Competere o sparire’ by Mario Draghi was released, presenting his strategy for revitalising European growth and defending the EU’s long‑term ambition. It frames growth as essential to preserve the EU’s social model and competitiveness, influencing policymakers and member states ahead of key budget and reform decisions.
Who is involved: Mario Draghi, the European Commission, EU member state governments, industry groups, and financial markets.
Likely next: The publication is expected to shape EU policy debates and may affect forthcoming fiscal and industrial initiatives.
The recently published book ‘Competere o sparire’ by former ECB President Mario Draghi outlines a vision in which the European Union must restore robust economic growth to protect the European project. It calls for guaranteeing rights for future generations and safeguarding freedoms, positioning growth as a prerequisite for the EU’s continued relevance. The work is being discussed across European media as a policy guideline ahead of upcoming legislative cycles.
What's next — scenarios
The book shapes the debate but not the budget (55%)
Expect the language of competitiveness in every EU communication while the money stays national: firms should not plan around new EU-level funding in 2027.
- Competitiveness framing appears in Commission work programme documents without new own resources
- No agreement on joint borrowing in the autumn Council discussions
Concrete instruments follow the argument (25%)
A funded EU competitiveness instrument would open real procurement and grant channels for industrial, energy and deep-tech companies from 2027.
- A named EU fund or instrument with a euro figure is proposed before December 2026
- Germany and France issue a joint statement backing common financing
Member-state resistance stalls the agenda (20%)
Companies planning around EU-level industrial policy should revert to national schemes, which are slower and fragmented across markets.
- Frugal member states publicly reject new common instruments
- The competitiveness file slips off the Council agenda into 2027
What to watch
- European Commission work programme for 2027, published this autumn
- Outcome of the autumn 2026 European Council discussions on competitiveness financing
- Franco-German joint positions on common financing in the next 90 days
- Whether a euro figure is attached to any competitiveness instrument by December 2026
Timeline
- — Il libro di Draghi: “L’Europa torni a crescere per difendere il suo sogno” (la Repubblica — Economia)
Analysis — what this means
Likely next events
- European Commission could incorporate growth‑focused recommendations in its next policy package
Sectors affected
- Energy
- Industrial manufacturing
- Financial services
- Public policy
Regulatory implications
- Potential push for EU‑wide growth targets in the next Multiannual Financial Framework
- Increased scrutiny of energy price transmission to inflation metrics
- Calls for coordinated industrial policy to support strategic sectors
Historical parallels
- The 2000‑2005 ‘Europe 2020’ strategy that emphasized smart, sustainable growth
- The 1990s ‘Maastricht convergence criteria’ that linked fiscal discipline with growth goals
- The 2010 ‘Europe 2020’ agenda that combined economic reform with social cohesion
Key entities
Sources
- Il libro di Draghi: “L’Europa torni a crescere per difendere il suo sogno” — la Repubblica — Economia