Note N03. Published on 24 September 2026. Theme: Productivity and growth. Lens: Between two giants.
The Draghi report in two charts: Europe grows less and needs to invest much more
Since 2000, the US economy has grown 69% and the EU's 41%. Draghi estimated that closing the gap requires an extra 750 to 800 billion euros of investment a year. Two years on, a quarter of his recommendations have been implemented.
In September 2024, Mario Draghi, former president of the European Central Bank, handed the European Commission a report on the future of European competitiveness. His diagnosis starts from one fact: since the turn of the century, Europe has grown less than the United States. Between 2000 and 2025, US real GDP rose 69%; the EU's, 41%. China multiplied its GDP by 6.9 over the same period.
Since 2000, the US economy has grown 69%; the EU's, 41%
Real GDP, index 2000 = 100
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His answer is to invest much more, on three fronts at once: innovation, decarbonisation, and security and defence. He estimated the EU needs an extra 750 to 800 billion euros a year, 4.4% to 4.7% of GDP, which would lift investment from 22% to 27% of GDP. Today the EU invests the same share as the US, around 21% of GDP; China, almost twice as much.
The EU already invests as much as the US relative to GDP; Draghi calls for 27%
Gross fixed capital formation (investment in equipment, buildings, infrastructure and technology), as % of GDP
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Two years on, the JEDI Draghi Tracker assessment published on 10 September 2026 finds that 26% of his recommendations have been implemented and that none of the 30 key ones has been fully executed. Progress is uneven: 35% in energy and raw materials, 13% in health. The report still sets the European agenda, but the investment it called for has not yet arrived.