Former Italian prime minister Mario Draghi urged the European Union on Monday to develop “a new industrial strategy for Europe” to revive the bloc’s flagging competitiveness versus China and the United States. At the heart of Draghi’s much-anticipated economic report is an urgent call to action to address the EU’s massive annual investment needs estimated at €750 billion to €800 billion ($829 billion to $850 billion). “We have reached the point where, without action, we will have to either compromise our welfare, our environment or our freedom,” he said in a Brussels press conference. “It’s go…