Opinion Piece
By Martin Kessler & Stephen Paduano
Published in Les Echos on 28th October 2025
Just a year ago, Mario Draghi, former president of the European Central Bank and Italian prime minister, warned of the risk of a "slow agony" for Europe in a report submitted to the European Commission. A year later, the inaction of European leaders has proven him right. Every challenge—clean energy, infrastructure, defense, digital transformation—has worsened, Draghi recently told the European Parliament.
