Aidan Regan: ‘One size fits all’ doesn’t work for Europe’s many varieties of capitalism

If we want to see a truly pan-European growth model, we should be hoping that the fiscal conservatives of the European Council are outflanked by a new progressive Franco-Italian-Iberian alliance

In an op-ed in the Financial Times just before Christmas, Mario Draghi, the prime minister of Italy, and Emmanuel Macron, the president of France, called for bold reform of the EU’s fiscal rules with the aim of developing a new EU growth strategy. Central to this new growth strategy was a call for more public investment in research, infrastructure, climate action, digitisation and defence.

Given that France has just taken over the presidency of the ...