Following the escalation of the euro crisis and the EU’s last summit, it is time to ask what comes next for Europe. The most likely scenario – and the most promising one – is ambitious muddling through, with intergovernmental agreements providing a stopgap for shortcomings in the current EU treaties.
BRUSSELS – Following the escalation of the euro crisis and decisions taken at the European Union’s last summit, especially EU leaders’ commitment to embark on the road “Towards a Genuine Economic and Monetary Union,” it is high time to ask what comes next. Whatever the final outcome, the current crisis will fundamentally shape the future of European integration.
In a worst-case scenario, Europe’s sovereign-debt crisis could cause the eurozone to implode, with immediate negative effects for the EU itself. Fortunately, this scenario still seems rather unlikely – as EU countries inside and outside the eurozone seem keen to avoid the enormous economic, financial, political, and social fallout that such a scenario implies. But the danger of a fundamental disintegration has increased over time, and today such an outcome cannot be excluded.
At the same time, it seems unlikely that member states will be ready and able to make one giant leap towards a “United States of Europe” – that is, a genuine federal entity in which EU countries agree to surrender national sovereignty on an unprecedented scale.
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Despite the dire predictions that have accompanied the decline of global governance, less international cooperation does not necessarily mean disaster. In fact, national governments can prioritize domestic prosperity and social cohesion over multilateralism without harming the global economy.
explains how countries can help the global economy by pursuing their own economic-policy agendas.
Although Russia's war in Ukraine has galvanized Polish society and elevated the country's status internationally, it is also obscuring some deeply troubling domestic political developments. Whether liberal democracy will prevail over reactionary authoritarianism in Poland is now an open question.
about recent domestic and geopolitical developments that will shape the country's future.
BRUSSELS – Following the escalation of the euro crisis and decisions taken at the European Union’s last summit, especially EU leaders’ commitment to embark on the road “Towards a Genuine Economic and Monetary Union,” it is high time to ask what comes next. Whatever the final outcome, the current crisis will fundamentally shape the future of European integration.
In a worst-case scenario, Europe’s sovereign-debt crisis could cause the eurozone to implode, with immediate negative effects for the EU itself. Fortunately, this scenario still seems rather unlikely – as EU countries inside and outside the eurozone seem keen to avoid the enormous economic, financial, political, and social fallout that such a scenario implies. But the danger of a fundamental disintegration has increased over time, and today such an outcome cannot be excluded.
At the same time, it seems unlikely that member states will be ready and able to make one giant leap towards a “United States of Europe” – that is, a genuine federal entity in which EU countries agree to surrender national sovereignty on an unprecedented scale.
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Subscribe
As a registered user, you can enjoy more PS content every month – for free.
Register
Already have an account? Log in