European Council President António Costa has invited former European Central Bank president Mario Draghi and former Italian Prime Minister Enrico Letta to an informal meeting of European Union leaders on February 12, aimed at advancing economic reforms and strengthening the single market.
The retreat will bring together the 27 EU leaders in a less formal setting than a traditional European summit, allowing open discussion without the strict agendas and need for unanimous conclusions typical of official meetings. Costa has previously organised similar gatherings to promote brainstorming and encourage frank exchanges among EU leaders.
In an interview with Euronews in New Delhi, where the EU signed a major trade deal with India, Costa said the gathering is designed to kickstart cross-institutional debate on implementing recommendations from the Draghi and Letta reports on the EU single market and competitiveness, published in 2024. “I invited Mario Draghi and Enrico Letta to join us as we take stock of what we’ve done but also look at what we need to deliver,” he said. “We need to create renewed momentum and give a new impetus to our call for reforms.”
Costa added that he expects EU leaders to provide clear political guidance to both the European Commission and the Council, similar to the direction given last year on defence and security, but this time focusing on economic competitiveness and the single market.
Last year, informal retreats included discussions on European security alongside NATO Secretary General Mark Rutte and UK Prime Minister Keir Starmer. By inviting Draghi and Letta, Costa hopes to reinvigorate interest in the recommendations outlined in the 2024 reports, which emphasised simplifying regulations, reducing bureaucracy, and enhancing EU competitiveness.
While the European Commission has taken steps to cut red tape and streamline existing rules, analysts suggest implementation of the Draghi and Letta proposals has been limited. A report by the European Policy Innovation Council published in September 2025 indicated that only 11 percent of the Draghi report’s recommendations had been put into action in its first year, even as the Commission described the report as a key guide for economic policy.
Draghi’s presence is expected to bring weight to the discussions. The former ECB president is a respected figure in European diplomatic circles, and his speeches and interventions are closely followed by EU institutions and capitals alike. Draghi has repeatedly called for the EU to operate as a “pragmatic federalist” union, advocating for joint borrowing by member states to fund projects of common interest such as security and defense. He has also supported deeper integration of European capital markets to attract investment and scale up economic growth.
By using the informal retreat format, Costa aims to accelerate the EU’s reform agenda and encourage leaders to provide decisive political guidance, potentially giving new momentum to the bloc’s economic strategy in 2026.
