Spending on investment must be increased – and this means on research, education and the digital agenda. Other expenditure, and also taxes, should be reduced. In comparison with the United States, the political vacuum in Europe stands out. A uniform leadership is missing, the euro area is politically fragile and fragmented, and the only pan-European institution with force appears to be the ECB.
Draghi: The way Europe is governed must improve. The Union must become better than the one we know today. Once it was very helpful to have established common fiscal rules … … which were not followed? Draghi: Yes, unfortunately that was the case in 2003 and 2004. The agreed rules should be observed.