The Economic Future of the EU

Max von Thun writes that Enrico Letta, Mario Draghi, and Emmanuel Macron are right in demanding a new economic vision for the European Union. However, they are wrong to advocate for corporate consolidation as part of the solution. The EU must pursue competition rather than consolidation if it is to create a robust political economy that can take back power from corporate behemoths, deliver growth and jobs to European citizens, and guarantee the future of the European project.

The upcoming European elections will determine the next European Parliament, but the real competition for the EU's economic future lies in the debate between two competing visions, writes Stefano Feltri. One vision, represented by Emmanuel Macron and Mario Draghi, calls for a radical departure from the EU's traditional approach to prioritize strategic autonomy and industrial policy, while the other, championed by Enrico Letta, argues for strengthening the single market and addressing its shortcomings to shape globalization and ensure security through fair competition.

Recent contributions from Enrico Letta, Mario Draghi, and Emmanuel Macron are exposing however deep concerns that the European project is floundering. Cristina Caffarra writes that Letta, Draghi and Macron are collectively making an urgent call to tackle the reality of a “divided bloc” that has lost ground, rethink industrial policy, public good investments and reformulate traditional trade-offs. Explicitly acknowledging the end of the neoliberal vision that still occupies many European institutions (from antitrust to trade to industrial policy) will be important to “join the dots” and make the trade-offs clearer.