European Economic Governance: Past Errors and Future Promises
The eurozone crisis marked a real failure of European Union (EU) policy, which led to mediocre economic performance and the erosion of its political legitimacy among the populations of member states.
The crisis caused by the Covid-19 pandemic, on the other hand, after some initial wavering, showed its capacity to respond, in particular by taking on common debt. This fresh start for the EU nonetheless needs to be confirmed both politically and institutionally.
Vivien Schmidt is a Jean Monnet Professor of European Integration at Boston University.
Article published in Politique étrangère, Vol. 86, No. 4, Winter 2021.
Available in:
Regions and themes
Share
Download the full analysis
This page contains only a summary of our work. If you would like to have access to all the information from our research on the subject, you can download the full version in PDF format.
European Economic Governance: Past Errors and Future Promises
Find out more
Discover all our analysesEurope in Ten Years
In the last 10 years, European integration has suffered several shocks. These shocks have challenged the historical narrative of the European Union, and have profoundly affected policies, as well as support by the peoples of Europe for the EU project. The real risk of disintegration can only be avoided if Member States accept to overhaul European integration, based on the idea of “civilizing globalization” and adopting corresponding policies grounded in solidarity.
The Africas of 2029
Real progress in diversification in some economic areas, as well as improvements in public policies, have modified the general conditions of development on the African continent since the 2000s. In politics, apart from the demands of formal representative democracy, states need to be reconstructed in order to integrate marginalized regions and develop regional and continental co-operation.
The Middle East in 2029
The wars ravaging the Middle East are not destined to continue forever and the region is not condemned to being governed by autocrats. A transition to a more just order for the region’s populations is possible, but will take time. It is unlikely to happen by 2029. Progress will be gradual, pushed by civil society. New revolutions are possible, although it is not sure they will lead to greater democracy.
2029, the Great Asian Renaissance
Asians were dominated and sometimes humiliated by Westerners during the last two centuries. Today, they look to the future with confidence. In 2050, the world’s two leading powers are likely to be China and India. The great Asian Renaissance will lead to geopolitical upheavals. China-US tensions are already visible and conflicts may emerge between Asian powers. Yet the clash of civilizations is not inevitable.