In a recent report published by former European Central Bank president Mario Draghi, he implores European politicians to take urgent actions to halt the region's worsening economic decline. Unfortunately, it seems that his plea has fallen on deaf ears, with politicians and media focusing only on selective parts of his 400-page report.

One alarming statistic mentioned by Draghi is that the U.S. economy has now surpassed the European Union's by 30%, while it was just 17% larger in 2002. In terms of per capita output, Europe lags behind the U.S. by 34%. These figures clearly highlight the urgency for Europe to revamp its approach to the private economy and keep up with the United States.

One major obstacle identified in the report is the excessive red tape faced by entrepreneurs in Europe. Draghi points out that entrepreneurs have to navigate through a labyrinth of 100 tech-focused laws administered by 270 regulators spread across the EU's headquarters and 27 national governments. This stifles innovation and hampers the growth potential of businesses in the region.

Surprisingly, instead of focusing on these crucial issues, politicians and the media have cherry-picked the report to suit their own agendas. The proposed spending of up to €800 billion annually on research and development, digitalization, climate goals, and defense has been misconstrued as a call for more government "investment." However, Draghi emphasizes that this figure must include private capital alongside taxpayer money.

Similarly, the support for decarbonizing Europe's economy and new eurozone bond issuance, although mentioned in the report, are not the core components of Draghi's case. The central theme revolves around the need for Europe to develop a growth strategy, streamline regulations, and foster an environment that encourages entrepreneurship and innovation.

However, even with Draghi's comprehensive report and sound recommendations, Europe's political class seems more intent on punishing America's success rather than emulating it. The recent ruling by the European Court of Justice imposing hefty taxation on Apple and imposing antitrust fines on Google further proves this point.

It is unfortunate that much of Draghi's report is not a surprise, as the issues he highlights have been discussed for years. Until European politicians and voters decide that gradual economic decline is unacceptable, few of his suggestions will see the light of day.

The report does propose appointing a new Commission Vice President for Simplification to reduce the burdensome regulations faced by businesses. However, it remains to be seen whether this initiative will just add another layer of bureaucracy or actually bring about meaningful change.

In summary, the urgency to save Europe's economy is evident in Draghi's report, but it seems that the desired attention and action are lacking. The European Union needs a growth strategy that prioritizes private sector investments, streamlines regulations, and fosters innovation. Only then can Europe hope to close the widening economic gap with the United States and maintain its influence in global affairs.