Reindustrialization might cause some above-target inflation. Deindustrialization, meanwhile, might take countries out of the running of the industries of today, and the future, too, said former European Central Bank president Mario Draghi.

Last week, Draghi released what amounts to a 397-page magnum opus on the future of European industry and a massive warning shot that called for nearly a trillion dollars in spending to make Western Europe at least as competitive as the United States and China. Inflation will come with the spending, but it might be worth it.

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