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European Commission President Ursula von der Leyen (R) and Mario Draghi pose for a photo at a press conference on the report of the future of European competitiveness in Brussels, Belgium, on Sept. 9, 2024. Mario Draghi, former Italian prime minister and former governor of the European Central Bank, on Monday released a long-awaited report with his recommendations on how to improve the economic competitiveness of the European Union (EU). (European Union/Handout via Xinhua)

BRUSSELS, Sept. 9 (Xinhua) -- Mario Draghi, former Italian prime minister and former governor of the European Central Bank, on Monday released a long-awaited report with his recommendations on how to improve the economic competitiveness of the European Union (EU).

"The situation, I would say, in the moment is really worrisome," Draghi told a press conference in Brussels, where he presented the report alongside European Commission President Ursula von der Leyen.

"Europe's need for growth is rising," the report underlines, adding that inconsistent and restrictive regulations are hindering European innovative companies.

Draghi called for common debt tools shared between EU member states, and other collaborative strategies to achieve "huge" levels of regular investment in sustainability and competitiveness in the 27-nation bloc.

Priorities, he said, should include reducing energy prices, coordinating industrial policy, increasing efficiency, and a focus on defending Europe's borders.

Europe must start to facilitate "massive investment needs unseen for half a century in Europe," including both public and private investment.

Draghi also called for the development of a "genuine foreign economic policy."

Von der Leyen commissioned the report from Draghi last year as part of a broader strategy to help the EU adapt to changes in the global economy.

Von der Leyen was elected this year to a new five-year term, and is now in the process of selecting the new commissioners from among the nominees from the EU member states.

"The report will trigger a crucial debate for the future of the European Union and the euro currency zone," Italian economist Lorenzo Codogno said ahead of the release of the report.

People attend a press conference on the report of the future of European competitiveness in Brussels, Belgium, on Sept. 9, 2024. Mario Draghi, former Italian prime minister and former governor of the European Central Bank, on Monday released a long-awaited report with his recommendations on how to improve the economic competitiveness of the European Union (EU). (European Union/Handout via Xinhua)

Mario Draghi attends a press conference on the report of the future of European competitiveness in Brussels, Belgium, on Sept. 9, 2024. Mario Draghi, former Italian prime minister and former governor of the European Central Bank, on Monday released a long-awaited report with his recommendations on how to improve the economic competitiveness of the European Union (EU). (European Union/Handout via Xinhua)

European Commission President Ursula von der Leyen attends a press conference on the report of the future of European competitiveness in Brussels, Belgium, on Sept. 9, 2024. Mario Draghi, former Italian prime minister and former governor of the European Central Bank, on Monday released a long-awaited report with his recommendations on how to improve the economic competitiveness of the European Union (EU). (European Union/Handout via Xinhua)