In his honorary doctorate speech at the University of Leuven, Mario Draghi emphasized the existential threat facing Europe, highlighting that it risks becoming subservient and dependent, fragmented and de-industrialized. He argued that the traditional liberal post-Cold War order has collapsed, leaving Europe neither the economic giant it once was nor able to navigate its political landscape effectively. Draghi's concerns point to the urgent need for a new framework that can adapt to the complexities of national identities and priorities across the continent.

Instead of advocating for an idealistic European utopia, Draghi suggested the idea of a realistic federalism that recognizes the diverse national identities, priorities, and interests of member states, which complicate the endeavor of institutional federalization in the foreseeable future. His proposal revolves around the concept of coalitions of willing nations within or beyond the EU who are prepared to engage in joint initiatives in critical strategic sectors, thus allowing for targeted cooperation without necessitating full integration.

This pragmatic approach could offer a pathway for European countries to tackle common challenges in a more flexible manner, allowing for increased cooperation in key areas while respecting national sovereignty. The implication is that Europe must evolve to maintain its relevance on the global stage by prioritizing strategic collaboration over rigid federalism, catering to the varying capabilities and interests of its member states.