It's not just the US presidential election that is prompting Europe to spring into action. On the international stage, everything demands a response, a strategy and concrete measures. The European Union, as the world's second or third largest power, has the means to do so. It has two priorities.
The continent's economic decline is real. It can only be overcome with innovative policies that succeed in mobilising Europe's wealth by transforming it into investment. If some do not want joint loans, then they must accept a European capital market, i.e. the remuneration of European savings for the benefit of industry, the first stage of a European preference that should be extended to all areas. Sound management of public finances and the reappraisal of the value of work are also essential. Finally, a moratorium on standards and regulations is vital to free up Europe's productive forces.
The threat of spreading conflict should not be underestimated. Rearmament, over and above what has already been undertaken, a tougher diplomacy that is still too soft, a resolute commitment to our allies and to Ukraine, and a rejection of Russian actions in Europe and violations of international rules elsewhere, are essential requirements.
The autonomy of the Union's thinking and action must be focused on the defence of our interests. This is the lesson of developments in all democracies, admittedly under pressure from an increasing number of autocratic regimes. Under these conditions, Europe has everything it takes to negotiate the vertiginous turns of the digital and environmental transitions and, more importantly, to respond to the return of a nationalism from which it succeeded in freeing itself.
