OECD Chief Urges Europe to Listen to Mario Draghi

OECD Chief Mathias Cormann has urged European leaders to "listen carefully" to Mario Draghi, emphasizing the importance of his recommendations for addressing economic challenges in the European Union. Cormann made these remarks at the World Governments Summit in Dubai.

Cormann highlighted that the EU faces structural challenges in a changing global environment where multilateral trade is being tested. He referred to Mario Draghi's 2024 report, which proposes radical changes in the functioning of the Union, calling for the EU to operate as a "real federation."

The OECD chief also stressed that trade remains a positive force in global relations, despite the imposition of tariffs and concerns about China's trade practices. The EU has expressed concerns about the growing trade deficit and the risk of a second "China shock."

European leaders are expected to meet in Belgium next week, with Mario Draghi also participating, to discuss the implementation of the recommendations of his report.