Europe’s Last Chance

BRUSSELS – The only clear thing to come out of the recent European Union-China summit was the scale of the EU’s fallen reputation. From being the world’s most widely admired political experiment and enjoying widespread respect and a degree of leadership on policy issues with global impact like climate change and fighting Third World poverty, the Union’s standing among the world’s emerging powers has been brutally downgraded. Its new image is that of a low-growth zone whose member governments have turned away from cooperation in favor of short-sighted beggar-thy-neighbor tactics that are imperiling the euro.

It would be wrong, of course, to suggest that Europe has suddenly become a political backwater. But it is true that Europeans need to take a long, hard look at themselves and at where they’ll be in 40 years if current trends continue.