Skip to main content

Cookies and Privacy

We use cookies to improve your experience on our website. To find out more, read our updated Cookie policy, Privacy policy and Terms & Conditions

Storm Gathering Over Road_David Kingham_Flickr David Kingham/Flickr

Shelter from the Storm in Europe

To secure a prosperous future, Europe must confront three distinct challenges: the Greek crisis, Russia’s incursion in Ukraine, and the rise of populist political parties. While Europe could address each of these challenges individually with relatively little risk, all three must be addressed simultaneously.

LAGUNA BEACH – Dark clouds are lowering over Europe’s economic future, as three distinct tempests gather: the Greek crisis, Russia’s incursion in Ukraine, and the rise of populist political parties. Though each poses a considerable threat, Europe, aided by the recent cyclical pickup, is in a position to address them individually, without risking more than a temporary set of disruptions. Should they converge into a kind of “perfect storm,” however, a return to sunny days will become extremely difficult to foresee any time soon.

As it stands, the three storms are at different stages of formation. The Greek crisis, having been building for years, is blowing the hardest. Beyond the potential for the first eurozone exit, Greece could be at risk of becoming a failed state – an outcome that would pose a multi-dimensional threat to the rest of Europe. Mitigating the adverse humanitarian consequences (associated with cross-border migration), and geopolitical impact of this storm would be no easy feat.

The second storm, rolling in from the EU’s east, is the costly military conflict in Ukraine’s Donbas region. The crisis in eastern Ukraine has been contained only partly by the Minsk II ceasefire agreement, and reflects the deepest rupture in the West’s relationship with Russia since the Soviet Union’s collapse.

We hope you're enjoying Project Syndicate.

To continue reading, subscribe now.

Subscribe

Get unlimited access to PS premium content, including in-depth commentaries, book reviews, exclusive interviews, On Point, the Big Picture, the PS Archive, and our annual year-ahead magazine.

https://prosyn.org/KsBbpPx;
  1. guriev24_ Peter KovalevTASS via Getty Images_putin broadcast Peter Kovalev/TASS via Getty Images

    Putin’s Meaningless Coup

    Sergei Guriev

    The message of Vladimir Putin’s call in his recent state-of-the-nation speech for a constitutional overhaul is not that the Russian regime is going to be transformed; it isn’t. Rather, the message is that Putin knows his regime is on the wrong side of history – and he is dead set on keeping it there.

    1