Politico: The European Union should spend 500 billion euros annually to compete with China and the United States

With the loss of cheap energy sources from Russia and part of its exports to China, the European Union must spend 500 billion euros annually to continue its “green and digital transition” while at the same time reducing its ability to compete with the United States and keep china

This article was published by the European version of the American newspaper Politico, referring to the leak of the draft report on the economic situation of the European Union, which is currently being prepared by Mario Draghi, the former head of the European Central Bank.

This newspaper notes: The European Union should spend 500 billion euros annually to keep up with China and the United States and to continue the green and digital transition.

Draghi warns that the three main elements on which the EU’s long-term economic success rests are cheap energy from Russia, highly profitable exports to China and military support from the United States (which allows for savings in military allocations). ).

According to Draghi’s estimates, about two-thirds of the 500 billion euros per year should be invested in the private sector and one-third should be in the public sector. Politico notes that in practice, this would require an overhaul of the European Union’s strict rules on government subsidies to businesses.

Earlier, the Ministry of Foreign Affairs of China announced that Chinese President Xi Jinping, in a meeting with European Council President Charles Michel and European Commission President Ursula von der Leyen, called for the expansion of beneficial cooperation, political trust, and governmental consultations. and strategic meetings were held between Beijing and Brussels.