EU Leaders Discuss Reforms Amid Trump Concerns

Following Donald Trump's election victory, Mario Draghi urged EU leaders to expedite economic reforms during their informal summit in Budapest. He emphasized that the recommendations outlined in his September report on EU competitiveness, which highlighted a significant investment gap of €800 billion per year, have become increasingly urgent. Draghi acknowledged that Trump's presidency may alter US-Europe relations, creating both challenges and opportunities. European leaders, while recognizing the urgency, face internal divisions and political instability, particularly in Germany. Draghi warned that failure to implement his recommendations could lead to a 'slow agony' of decline for the EU. The summit aims to address these economic challenges while fostering dialogue with the US regarding potential tariff conflicts.