Mario Draghi grandfather won’t do it for long. The president of the EU Commission, Ursula von der Leyen, would like the former Italian prime minister to lead the Global Gateway, the new European project for (physical and digital) infrastructures on a global scale, with an initial budget of 300 billion, to compete with the Belt and Road Initiative, the new Silk Road wanted by China. The aim is to create a network of infrastructures and connections founded on European values, in competition with Beijing, to reduce European dependence on China, but also Chinese influence in the rest of the world, especially in less developed countries. The news was published by the German business newspaper Handelsblatt, which emphasizes how several European states would see Draghi as the ideal candidate to lead the new European challengeafter having saved the euro, when he was president of the European Central Bank, and then Italy from the political impasse that gave life to his government after the fall of Count II in full pandemic emergency.
The indiscretion of a European appointment by Mario Draghi has actually been circulating for a few weeks. Noah Barkin, managing director of the Rhodium Group research and consulting group, spoke about it in his newsletter at the beginning of January, sharing the need to appoint a competent leader to relaunch the Global Gateway infrastructure plan, who wants develop connections with the countries of Africa, Asia and South America.
Introduced by Ursula von der Leyen in 2021, the Global Gateway aims to make smart investments in quality infrastructure, complying with the strictest social and environmental standards, in line with EU values and norms. With the aim of not only contributing to the fight against climate change and improving health systems, but also to strengthening the competitiveness and security of global supply chains. For this purpose between 2021 and 2027, the EU and the European states will mobilize up to 300 billion in 4 key sectors: digital technologies; climate and energy; transport; healthcare; education and research.
The strategy will be implemented through a Team Europe approachwhich brings together the EU and the member states with their development and financial institutions, including the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). Ma yes tip also to mobilize the private sector.
The Global Gateway’s latest investment dates back to January 27thwhen the EU signed a partnership with South Africa to invest more than €280 million in subsidies, including €87.75 million from the European budget, to finance South Africa’s green and just recovery.
