Overview

• Speaking at the Meeting di Rimini, Mario Draghi said the European Union has been marginal or a spectator in major crises from Ukraine to Gaza and during strikes on Iranian sites.
• He argued that 2025 exposed the illusion that market size guarantees power, noting the bloc accepted U.S. tariffs and was pressed by Washington to increase military spending.
• Draghi said China has supported Russia’s war effort and has tightened Europe’s dependence through control of rare earths.
• He called for the EU to shift from bystander to leading actor by reshaping its political organization to meet strategic goals.
• He maintained that only common borrowing can fund large cross‑border projects in defense, energy networks, infrastructure and disruptive technologies, citing IMF analysis that cutting internal barriers could lift labor productivity about 7% over seven years.