Draghi urges reform, massive investment to revive lagging EU economy

BRUSSELS - The European Union needs far more coordinated industrial policy, more rapid decisions and massive investment if it wants to keep pace economically with rivals the United States and China, Mario Draghi said on Monday in a long awaited report.

EU countries had already responded to the new realities, Draghi's report said, but their effectiveness was limited by a lack of coordination. EU growth had been persistently slower than that of the United States in the past two decades and China was rapidly catching up. Much of the gap was down to lower productivity.

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