Europe Faces an 'Existential' Competitiveness Crisis

Europe is confronting a severe economic challenge, with experts warning that the European Union must boost its annual spending by nearly $900 billion in sectors like technology and defense to remain competitive with the U.S. and China. The alarming findings were outlined in a new report by former European Central Bank President Mario Draghi.

Draghi emphasized that the E.U. faces an "existential" threat to its global economic standing and called for the development of an industrial strategy that includes a unified energy grid and joint military procurement. However, the report lacked specifics on how the E.U. would fund this enormous investment.