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Begin New Search Topic Economy Political Geography European Union Content Type Commentary and Analysis

1. From Strategic Autonomy to the Internationalization of the Euro: Europe's Challenges and the Impact of the COVID-19 Crisis

Author:
Nicola Bilotta and Alissa Siara
Publication Date:
04-2020
Content Type:
Commentary and Analysis
Institution:
Istituto Affari Internazionali
Abstract:
One of the key priorities of the new European Commission is to enhance the EU’s geopolitical credentials and “learn to use the language of power”, as stated by the incoming EU High Representative Josep Borrell. The EU’s ambition is two-fold: to increase the Union’s ability to project power and influence at the global level, including through increased integration and coordination among member states, and secondly to enhance the EU’s strategic autonomy from the US in the political, military and economic domains. Both objectives, ambitious in the best of circumstances, are today under severe strain by the COVID-19 crisis. Implications will be long-lasting and multidimensional, and for Europe, its impact will have a direct bearing on its ambition for strategic autonomy, touching each of the three pillars outlined above.
Topic:
Regional Cooperation, Geopolitics, Economy, Autonomy, and Coronavirus
Political Geography:
Europe and European Union

2. Beyond Coronabonds: A New Constituent for Europe

Author:
Nicoletta Pirozzi
Publication Date:
04-2020
Content Type:
Commentary and Analysis
Institution:
Istituto Affari Internazionali
Abstract:
Every era has its symbols. In 1984, Mitterrand and Kohl held hands on the battlefield in Verdun, coming to symbolise the importance of peace in the pursuit of European integration. Today, in times of COVID-19, the so-called “Coronabonds” could have emerged as the symbol of a new Europe, one that is ready and able to do what it takes to collectively overcome the present crisis. Yet, what some member states consider an indispensable emblem of European solidarity, namely debt mutualisation to face an unprecedented symmetric crisis brought about by COVID-19, is regarded by others as an ultimate excuse for moral hazard. As a result, Europe could end up with a politically more digestible European Fund, as proposed by Commissioners Paolo Gentiloni and Thierry Breton, designed to issue long-term bonds.[1] Or, as outlined by the Eurogroup, a Recovery Fund that is “temporary, targeted and commensurate” to the extraordinary costs of the current crisis, helping to spread them across time.
Topic:
Financial Crisis, Governance, Finance, Economy, and Coronavirus
Political Geography:
Europe and European Union