The Guardian view on Europe’s future: spend big or risk the consequences

‘Ursula von der Leyen’s European Commission is committed to enforcing a return to stricter rules on deficit and debt levels.’ Photograph: Wiktor Dąbkowski/Zuma Press Wire/Rex/Shutterstock

In a landmark 400-page report on Europe’s competitiveness and future published last week, Mario Draghi, the former president of the European Central Bank, did not mince words. In the absence of annual investment three times greater than that delivered by the postwar Marshall plan, Mr Draghi predicted, Europe would face a “slow agony” as its economies failed to keep pace with China and the United States.

As the re-elected European Commission president Ursula von der Leyen begins her second term of office, she and other leaders should take heed of that stark warning. On Tuesday, Ms von der Leyen unveiled her new team of commissioners for the next five years. As they prepare to take up their posts, subject to MEPs’ approval, the clouds overhead are dark and threatening.