Global Europe: from Rhetoric to the Real World

The 2007 edition of the Aspen European Dialogue the conference focused on several crucial elements of the European debate, in both political and economic terms. Adjusting to globalization is a must if the European project is to be relaunched: in this process, new domestic challenges such as the EU’s internal security and a new social compact are intertwined with the future of the euro as well as external issues such as global trade imbalances. Key institutional reforms are also indispensable, whether or not in the form of a Constitutional text. Energy interdependence with Russia has become a fact of life for the Europeans, and the relationship needs to be managed carefully to avoid misunderstandings and escalating tensions. A deeply integrated “Eurasian Europe” does not seem to be a realistic option for the time being. A more probable alternative is a renewed Transatlantic link, but this option, too, is fraught with difficulties. A more open Euro-American economic space would probably be beneficial not only to its members but even to the world economy as a whole, provided we can manage the risks of a protectionist backlash in other areas such as the Asia-Pacific. In any case, top political leaders will have to take responsibility for hard and sometimes unpopular decisions: the next few months will see a change of the guard in some key countries of the EU (followed by Russia and the US) and the newly elected heads of state and government will have to navigate uncharted waters by showing statesmanship.