Last autumn, the submission of Mario Draghi’s report on the “future of European competitiveness” appeared to mark a turning point—a break with decades of neoliberal policies and a renewed ambition to build the European Union’s “strategic autonomy.” Six months on, however, the report is being seized upon as a pretext for a libertarian shift, aligning Europe with the deregulatory agenda of Donald Trump’s United States and Elon Musk’s vision of unfettered capitalism. A vast movement towards social and environmental deregulation is underway. To reverse this trend, there is an urgent need to bring the issue of common debt back on the European agenda. […]