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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Opinion: The EU won’t let a good crisis go to waste
The Covid-19 crisis presented EU leaders with an opportunity to regain popularity by handing out billions of euros in aid. Doling out such huge sums is sure to weaken the market by emphasizing bureaucratic activity over competition and innovation. For now, the EU’s problems have been papered over, but when the bill for inefficiency comes due, it could be a tragic moment for the European project.