Draghi & Letta proposals are no silver bullet

In principle, an increase in EU integration and cooperation, as proposed by Enrico Letta in April and Mario Draghi today, could increase output in the long run. But any progress will be slow, and the proposals are unlikely to be implemented in full. What’s more, there is a huge list of constraints on economic activity that are out of the EU’s control, so closer EU integration is not a silver bullet.

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