Mario Draghi, formerly the President of the European Central Bank and Prime Minister of Italy, was tasked by Commission President Ursula von der Leyen with presenting ideas on the future of European competitiveness. The report calls the challenge facing policy makers an “existential” one and warns that procrastination will lead to hard choices having to be made. It proposes far-reaching changes to numerous areas such as an “unprecedented” boost to public investment, including through the issuance of new EU common debt, a reform of the EU’s cohesion policy, an overhaul of competition policy, and a new industrial policy with at its core a strategy for reducing Europe’s high energy prices.