Draghi urges radical European Union reform requiring extra 800 billion euros a year [Video]

The European Union needs up to 800 billion euros ($884 billion) in additional investment per year to meet its key competitiveness and climate targets, according to a report from economist and politician Mario Draghi.

The bloc’s goals of bolstering its geopolitical relevance, social equality and decarbonization are being threatened by weak economic growth and productivity compared with the U.S. and China, the report states.

The wide-ranging study led by Draghi — who previously served as prime minister of Italy and president of the European Central Bank during the euro zone debt crisis — found EU priorities must include reducing energy prices, strengthening competitiveness, coordinating industrial policy and raising defense investment.

The EU must also adapt to a world where “dependencies are becoming vulnerabilities and it can …