MKI Position Paper – Written by Philip Pilkington
The emergence of the debate around the issuance of common EU debt from the publication of the Draghi report shows that the leadership class in the European Union are falling ever more out of touch with the realities facing the European economy. Draghi himself has stated that he regrets the amount of attention the issue is getting because it was only a peripheral aspect of the report. The fact that commentators picked up on the issue of common debt shows two things. Firstly, that they are firmly stuck in the past, trying to push through a project that is not clearly relevant when considering the broader economic and geopolitical problems facing the EU. Secondly, that Draghi’s report was not taken seriously by most commentators because it does not actually contain solutions to these problems and so the economic debate in Europe has fallen back into its old grooves.