The European Union surely has had better moments. What first entered centre stage with some troubling fiscal gaps in Greece’s budget in late 2009 has now turned into a much more sustained challenge for the continent itself – and equally for the rest of the world. However, things are still undecided. At this time people can probably argue with equal justification that we are nearing the end of the downward spiral or that things continue to get much worse if and when a Euro-zone break-up eventually occurs.
I tend to be an optimist and I am convinced that within a few years things will become better than they were before the crisis. This essay sets out the justification for my optimistic perspective and, if realised, what repercussions the optimistic evolution would have for Europe and the rest of the world. It will look at a ‘return of Europe’ and will suggest the implications it has on three dimensions, namely the economy, Europe’s role in the world and the evolution of its identity. These three dimensions shall be analyzed along a chronological perspective, starting with the origins of the crisis and the structural context, recent and current developments with a lasting impact on Europe and eventually an outlook of Europe’s perspectives beyond 2014.
It wasn’t us…
Since the global financial crisis hit Europe, the prevailing narrative Continue reading