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In September 2024, Mario Draghi, former Italian premier and ex-president of the European Central Bank, published a report called for by the European Commission some months before the June 2024 European elections on the future of EU competitiveness. His much-debated diagnosis is a harsh one and highlights a real lack of industrial competitiveness, which, in his view, seriously hobbles the EU’s future. Add in the return to power of Donald Trump in the USA, which could potentially upend global trade balances, and it becomes imperative that Europeans mobilize to boost their competitiveness. In other words, Europe must invest but, asks Jean-François Drevet in this instalment of his Chronicle, how should it go about doing so? Drevet first reminds us of the budgetary constraints on the EU and its members states, then explores the possibilities for overcoming them, particularly by sharing debt obligations or revising part of the fiscal rules and, particularly, targeting big companies and multinationals. As this Chronicle shows, provided governments work together and explain themselves to their public, the EU has the capacity to invest to restore its competitiveness.