Draghi: “The EU is more vulnerable than the US and China, a common strategy is needed”

Former President of the European Central Bank and Italian Prime Minister Mario Draghi has recently sparked a debate on Germany's rearmament and its implications for the European Union. During a panel at the HSBC Global Investment Summit in Hong Kong, Draghi stressed that Germany's defense spending increase represents a “game changer”, but also warned that, sWithout adequate governance at Community level, Europe could find itself divided and vulnerable.

The importance of the German decision

Germany has recently decided to significantly increase its military spending, freeing up hundreds of billions of euros for defense and infrastructure. This move marks a clear break with the austerity policy that has characterized the German economy for decades. The The new plan is financed through debt and was launched to modernize the country and respond to new geopolitical challenges.

According to Draghi, this decision will not only have internal economic consequences, but will also change the security balance in Europe. However, the risk is that Germany's rearmament will remain an isolated phenomenon, without a corresponding increase in military capabilities in other Member States.

The European Union faces a crucial choice

Draghi expressed concern about the way the European Commission is managing this change. If other EU countries do not follow Germany's example, an imbalance will be created that could weaken the security of the entire continent. “If not handled properly, Germany will rearm, but others will not.”, Draghi declared.

This dynamic, therefore, according to the former prime minister's thinking, could undermine European cohesion, making Germany a dominant player in the defense sector while other countries would remain behind.The result would be a two-speed Europe also in the military sphere, with potential consequences on alliances and the ability to respond to any crises. International.

A One of the reasons that pushed Berlin to take this path was the growing uncertainty about the position of the United States towards European security.. During his term, Donald Trump has repeatedly questioned America's commitment to NATO, forcing European allies to consider investing more in their own armed forces.

In parallel, the war in Ukraine has highlighted the need for Europe to strengthen its defense capacity. Draghi stressed that “Now, being defenseless in this new climate is not very pleasant, because we have an enemy, which is Russia”. This scenario has presented the EU with a strategic choice: to remain dependent on the United States or to develop a more autonomous and structured common defense policy.

Europe must increase its competitiveness

In addition to the issue of security, Draghi insisted on the need for a more competitive Europe capable of facing global economic challenges. In his “Draghi Report”, presented to the European Commission, he proposed measures to strengthen the capital markets union, reduce dependence on external investment and finance technological innovation.

However, European competitiveness cannot be limited to the economy alone: defense must also become a priority. Draghi recently reiterated to the Italian Parliament that the EU must move towards the integration of European armed forces and common spending for security. Without effective coordination, Europe will remain vulnerable and fragmented in the face of global threats.

Il German rearmament represents a turning point for Europe, but also raises fundamental questions about the future of common security.