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Opinion: A tale of two pandemics
The European Union may not survive the coronavirus pandemic, according to critics. Or, quite to the contrary, it will prosper as EU leaders mobilize the union’s political and institutional resources and breathe new life into the European project. Which of the two narratives is more likely to materialize? Michael Leigh offers a surprising conclusion.
Relevance beyond the crisis: Strategies for the euro
Pumping still more liquidity into Europe’s pandemic-frozen economy hardly addresses underlying problems, but this happens to be the most politically palatable strategy that Brussels could pursue. How EU leaders go about financing the massive new outlays, however, is a tricky question. The most likely borrowing scheme will have long-term consequences ...
Britain will thrive after Brexit only if it dares to reform
Leaving the high-cost, bureaucratized European Union is not enough for the UK to unleash its entrepreneur potential, boost its share in global trade and return to high growth. To bring benefits, Brexit would need to be followed by bold liberal reforms: cutting taxes, rolling back government spending and reducing excessive, ...
Focus Germany: Future of the French-German tandem
Brexit has raised expectations of renewed attempts at joint Franco-German leadership of the EU. Without Britain’s leveling role, however, the EU’s prospects under the Berlin-Paris tandem could depend on compromises between German ordoliberalism and French economic interventionism. Smaller member states are concerned that their interests would be shunted aside.
The ever-ambiguous European Union project
The European Union’s ambiguity-ridden system is increasingly hard to sell to populations. Stranded in a no-man’s-land between a federal state and a confederation, today’s EU features neither sound democracy, nor prudent governance, nor a vibrant economy. A true federalist system could go a long way toward addressing these weaknesses, but it ...
