The 20th century’s international order, which installed the United States, Europe and Japan in dominant positions, is ending. New powers are emerging to challenge a system arranged within the framework of U.S. and European multilateralism. Transitional processes necessarily breed chaos and uncertainty. This is the global situation to which our economies and political systems must adapt.
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Europe’s post-Covid divide
Many governments in Europe have used the Covid-19 crisis to increase their powers and debts, and are now warning of new emergencies to further broaden their role. However, several countries have pushed back at this approach, noting the waste and corruption it brings. The split between these two sides is likely to expand, widened by slow growth and rising inflation.