# Letta and Draghi Reports (EU) Two high-level independent reports commissioned by EU institutions in 2023–2024 to assess the future of the Single Market and European competitiveness. Both were written by former Italian Prime Ministers and are intended to shape EU policy for the 2024–2029 legislative term. --- ## Letta Report (April 2024) **Full title:** ["Much More than a Market" ](https://www.consilium.europa.eu/media/ny3j24sm/much-more-than-a-market-report-by-enrico-letta.pdf) **Author:** [[Enrico Letta]], former Italian PM, President of the [[Jacques Delors Institute]] **Commissioned by:** European Council (June 2023), with Belgian Presidency coordination **Presented:** April 17, 2024 Assesses the state of the EU Single Market 30 years after its launch and proposes reforms for deeper integration. Key proposals: - Creation of a "fifth freedom" — free movement of knowledge (research, innovation, education) alongside goods, services, capital and people - Transformation of the Capital Markets Union into a "Savings and Investments Union" to redirect €33 trillion in European private savings currently held in deposits - A European Code of Business Law (a "[[European Accelerationism|28th regime]]") to allow companies to operate under unified EU rules rather than navigating 27 national frameworks ## Draghi Report (September 2024) **Full title:** ["The Future of European Competitiveness"](https://commission.europa.eu/topics/competitiveness/draghi-report_en) **Author:** [[Mario Draghi]], former Italian PM, former President of the European Central Bank **Commissioned by:** European Commission President Ursula von der Leyen (September 2023) **Presented:** September 9, 2024 Diagnoses EU's declining competitiveness relative to the US and China, proposes a new industrial strategy. Key proposals: - Annual investment increase of €750–800 billion (4–5% of EU GDP) — comparable in scale to the Marshall Plan - Three action areas: closing innovation gap, linking decarbonization with competitiveness, increasing security/reducing dependencies - Completing Capital Markets Union - Reforming competition policy to emphasize innovation and future competition over current market shares - Expanding and reforming IPCEIs (Important Projects of Common European Interest) - Five-fold increase in Erasmus+ budget - Creation of "EU Chairs" for top researchers as European civil servants - More qualified majority voting to reduce veto points