Can European industry regain its competitive edge on the global stage? A new EU report penned by former ECB chief Mario Draghi highlights a growing gap in both productivity and innovation, and warns that businesses will face an "existential challenge" without drastic change and significant...

The French government plans to subject the budget to a €60 billion belt-tightening drive next year in the hope of bringing the deficit down to 5 percent of GDP from an estimated more than 6 percent this year. Two-thirds of that sum are to come from spending cuts, and the rest from new taxes. Why...