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How can Europe compete in a world where the US and China, the globe’s two 800-pound gorillas, are increasingly at odds? By spending €800 billion a year to level up, says former Italian PM and European Central Bank chief Mario Draghi. On Monday, he published a report urging the EU to take urgent action to boost the competitiveness and security of Europe’s industries or risk falling behind the US and China for good. It’s ambitious, but Draghi is a man known for staring down the seemingly impossible (say: stabilizing Greece’s finances or Italy’s politics).