Inspiring piece by Josep Borrell. Europeans too often act as if they are playthings stuck in the middle between two great power blocs in China and America. Borrell shows that Europeans have the resources to be a bloc themselves if they overcome the psychology of weakness. He shows member states that they will be judged by their ability to hang together behind more realistic policies on Libya, Iran, the Balkans and Africa. But the foundation of all this must be developing more tough-minded policies and the tools to link the EU's big market, diplomatic clout and spending with common policies in different areas.
Emmanuel Macron understands that the European elections this year will be different. In spite of their name, normally European elections are predominantly national, low-turn-out, low stakes affairs. But this election will have a transational element, as the Salvini-Orban-Bannon axis tries to turn it into a referendum on migration. The nationalists hope to mobilise millions of ‘left behind voters’ behind an anti-European platform and to start dismantling the EU from within. Macron’s article is the beginning of a reponse to their threat. Macron sees the three main battlefields as the main dimensions of a future-orineted European project: democracy (protecting elections from external interference), protection (a common border for Schengen and a European Security Council that includes the UK), and progress (European Climate Bank, regulation of Global tech companies, an EU innovation fund). The challenge will be to use this vision and concrete ideas to appeal to Europeans who feel that the current system is broken. Will he be able to show that his goal is to revolutionise Europe so that it can live up to the promise of democracy, protection and progress – rather than looking like a champion for the status-quo in Brussels? Mark Leonard - Director European Council on Foreign relations
Many have been puzzled that the world’s stock markets haven’t collapsed in the face of the COVID-19 pandemic and the economic downturn it has wrought. But with interest rates low and likely to stay there, equities will continue to look attractive, particularly when compared to bonds.
explain why soaring equity valuations in five world regions may not be as absurd as many people think.
With Hungary and Poland vetoing the European Union's budget and COVID-19 recovery fund, the case for issuing perpetual bonds has never been stronger. While the EU cannot currently do so, given uncertainty about its future, many of its member states can and should.
calls on European Union member states, rather than the EU itself, to issue perpetual bonds.