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.
China’s exceptional growth in recent decades has influenced the education and career choices of young people and their families. But now that high-skilled jobs are drying up and recent graduates are struggling to find work, there is a growing mismatch between expectations and new realities.
argues that the rise in joblessness among young people does not spell economic apocalypse for China.
Since 1960, only a few countries in Latin America have narrowed the gap between their per capita income and that of the United States, while most of the region has lagged far behind. Making up for lost ground will require a coordinated effort, involving both technocratic tinkering and bold political leadership.
explain what it will take finally to achieve economic convergence with advanced economies.
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