On the eve of the Conference on the Future of the European Union, whose preparation and work has – and will – be heavily influenced by the pandemic, one should wonder whether the new political environment has been impacted to such an the extent that the capacity of the debates to offer credible answers to the challenges facing the Union is put into question. Even if this development is the result of a process initiated several decades ago, the pandemic has crystallized its emergence and its growing hold over a broad segment of public opinion. Thus the historical “left – right” divide opposing socio-economic models around which ruling parties alternated in implementing programs sharing a corpus of “centrist” values, has…

The post Covid “Recovery Plan” is a major card in the EU’s hand. The use of monetary and financial weapons in political gamesmanship is not new; it has taken various forms over time: from the flows of gold and silver travelling over the Silk Road, to cargos of precious metals filling the Spanish and Portuguese galleons returning from South America or more elaborate measures including blockades, embargoes, exchange controls, currency depreciation, financial manipulations or outright frauds, the acceleration of globalization and the growing interdependence of its actors have made access to financial markets a matter of survival. After a period of unquestioned domination of Sterling, relying on the vastness of the British Empire, it relinquished its leadership to the $…

Barring a major effort, the EU is on track to being marginalized! The events unfolding under are eyes and whose roots reach back over the last several decades, are questioning the foundations of the EU which have been the focal point around which European society has coalesced since WWII. Firmly scotched to the USA during the reconstruction period and benefitting from its benign protection against the spread of communism, European nations favored building regimes emphasizing a welfare State and to a greater or lesser extent wealth redistribution, at the expense of their economic, monetary, defense and finally political autonomy, these aspects being clearly closely interconnected. Up until the introduction of the Single Currency, the EU created the illusion of being…

The lessons learned from the pandemic opens a window to further European integration. Lassitude, sacrifices, anxieties, unknowns surrounding the pandemic, economic uncertainties are all undermining the spirit of the population, rendering the task of governing ever more complex. The media, be it TV debates, the press or social media platforms, train their sights on the dysfunctionalities, the contradictions, the incoherencies underpinning the opinions of “specialists” (or incompetent participants) who wrangle publicly, thus making the decisions made by political authorities particularly difficult to follow and understand. Within this context, there is a lack of consensus concerning the importance assigned to competing priorities, aiming either at health care, economic activity, social protections or to be respectful of citizen’s rights and liberties, each,…

Commentary on the Communication from the European Commission(COM (2021) 32) On the eve of President Biden’s inauguration, the Commission published a Communication aiming at strengthening the role of the Union on the world stage by developing a policy of “open strategic autonomy” outlined in its Communication of May 2020. This new Communication centres on the development of the international role of the €, strengthening the EU’s financial market infrastructures, improving the implementation and enforcement of the EU’s sanctions’ regime as well of the unlawful extra-territorial application of unilateral sanctions and other measures by third countries. As was provocatively suggested in a commentary in the Financial Times of January 21st, the American President will have lost no sleep when informed of…