Draghi, Business Leaders Form Group Focused on European Competitiveness

The organization, called the Rhine Group, was launched Aug. 24 and plans to develop proposals addressing Europe’s economic and technological challenges, according to a statement. The initiative builds on Draghi’s 2024 report examining how Europe can improve its competitive position.

Draghi will lead the group alongside Stripe Chief Executive Officer Patrick Collison, while Spanish economist Luis Garicano will serve as executive director. The group is expected to develop policy proposals following its inaugural meeting.

The initiative brings together figures from business, politics, academia and the media at a time when concerns over Europe’s ability to compete in emerging industries have intensified.

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Technology is expected to be an important part of that discussion. The Rhine Group has highlighted Europe’s relatively limited presence among the world’s largest technology companies and its weakness in emerging technologies expected to drive future economic growth. The broader Draghi competitiveness agenda has also called for reducing bureaucratic barriers and improving Europe’s capacity to turn research and innovation into commercially successful businesses, according to reporting on the initiative. The group has not, however, identified specific EU technology regulations that it wants changed.

French and German participants constitute the largest national contingents, with members also drawn from Italy, Britain, Spain and other European countries, according to EUROMETAL.

Among those joining are former French Finance Minister Bruno Le Maire, former Estonian President Toomas Hendrik Ilves and French economist Philippe Aghion, according to the publication. Senior figures from European business and media are also participating.

The group’s creation comes two years after Draghi produced his assessment of the European economy, which became a reference point in the debate over investment, productivity, innovation and the region’s ability to keep pace with global competitors.

The Rhine Group’s founders argue that the competitive environment has become more difficult since that report appeared. They have pointed to stronger Chinese competition, increased trade barriers and Europe’s dependence on outside suppliers in areas including technology and industrial supply chains as challenges for the region.

The organization will seek to turn those concerns into policy proposals, adding another voice to the European debate over how to translate the competitiveness agenda into action.

Source: Rhine Group