With Emmanuel Macron’s election as French president, a sharp critic of Germany’s vast export surplus has become one of the most powerful men in Europe. Although his opinion is shared widely by commentators, politicians, and organisations such as the IMF, the German public is still largely ignorant of the devastating consequences of the macroeconomic policies of its current government. Unless this changes, the internal cohesion of the European Union and the well-being of its citizens are under serious threat….
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Jean-Claude Juncker, the President of the European Commission, recently presented a White Paper on the Future of Europe outlining five possible scenarios for the Union’s future. In a joint statement, the French and German foreign ministers have already endorsed one of these, the so-called “Europe of multiple speeds”.
The concept is not new, and bears some risks, but is the only conceivable option given the current political circumstances. Europe of multiple speeds, or as the White Paper frames it “Those Who Want More Do More,” means that countries willing to integrate further in certain policy fields can do so without an obligation for others to follow their lead.
In fact, this is already a reality. The EU currently has 28 member states, 22 of which form the Schengen area that also includes non-members such as Switzerland or Liechtenstein. 19 states have accepted the Euro as their common currency, and Denmark has an opt-out clause in the field of foreign security. However, until now these differences have been exceptions. This could change now. Europe’s leaders realise they need to find a way forward in a Union that is under threat from many sides. “Carrying On” is not an option anymore.
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