'While it is clearly necessary for some in Europe to cut back on operating expenditure, new debt is essential to revive investment, which is a prerequisite for a return to growth, for European industry to stay in the race against the United States and China, for the single market to benefit more from domestic consumption and thus support household purchasing power, whose stagnation feeds the extremes'. With the former President of the European Central Bank, Mario Draghi, due to unveil his report on competitiveness, commissioned by the European Commission, Jean-Dominique Giuliani offers his analysis of the future of the European economy.