Mario Draghi launches Rhine Group to boost EU innovation

The Rhine Group, a new initiative led by former European Central Bank President Mario Draghi and entrepreneur Patrick Collins, has been launched to boost innovation and competitiveness within the European Union. Comprising 55 experts from the business, technology, and economic sectors, the group aims to transform economic diagnoses into concrete political actions.

Following Draghi’s 2024 report which warned of a growing gap between Europe and the United States and China, the group seeks to address stagnation in growth, energy insecurity, and technological dependence. Executive Director Luis Garicano stated the ambition is for Europe to become a ‘superpower of innovation’ by accelerating decision-making processes and bypassing the slow pace of traditional institutions.

While the group focuses on structural issues such as single market fragmentation, insufficient investment, and regulatory complexity, some critiques suggest the decline in competitiveness is also linked to large European companies failing to pivot from mature technologies toward the green and digital revolutions.