The European project is approaching a tipping point. A combination of political paralysis, external threats and economic malaise is threatening to end the European Union’s ambitions to become a global force in its own right—pushing member states toward defending their own interests instead.
A combination of political paralysis, external threats and economic malaise is threatening to end the European Union’s ambitions to become a global force in its own right—pushing member states toward defending their own interests instead.
Recent apathy or pushback by governments after former Italian premier Mario Draghi’s wake-up call for more investment and common bonds to combat feeble productivity growth underscore how the region has all but given up trying. “Something is changing very, very dramatically and very, very deeply in this world,” Former Polish President Aleksander Kwasniewski said in an interview. “We can’t react correctly, because we are too slow.”
Macron argues that the loss of cheap Russian fossil fuels since the invasion of Ukraine in 2022, and the advent of US President Joe Biden’s aggressive subsidy-intense industrial policy, mark a rupture with the old model that allowed Europe’s export-based economies to flourish. The result threatens to cause damage that goes beyond simply lagging in investment and productivity: the region’s leaders are losing faith in the European project.
Previously, most global corporations judged the single market as too large and lucrative to forgo, despite burdensome regulation. The US tech giants instead decided the EU’s AI rules were just too restrictive.
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