Abstract
The phrase ‘Whatever it takes’ made Mario Draghi world-famous. Everybody speculating against the European currency knew from that moment onwards that, confronted with the overwhelming firepower of the European Central Bank, you could only lose money. That speech effectively ended the ‘euro crisis’. The Draghi report requested by the European Commission on how to strengthen European competitiveness throws a big stone into the water. It will be the point of reference for both political debate and action over the current five-year legislature. Draghi makes everybody face their responsibilities. And he makes the consequences of non-action extremely clear: in the absence of decisive action, we will no longer be able to reach all our strategic targets. We will have to choose. The Draghi report comprises six basic truths that will inspire the legislative proposals of the European Commission in this term, even more so as it was requested by the European Commission President herself. While acknowledging the importance of the Draghi report, this publication will also provide policymakers and the interested public with a critical view of its limitations.