In the aftermath of the Global Financial Crisis a decade ago, The European Union has experienced multiple interconnected crises. A chain reaction that started with the euro crisis and was followed by the migration crisis has fostered public sentiment against European integration, leading to Brexit in the UK and a rise of anti-EU populism reflected in opinion polls and elections in other member states. While the existential threat to the European Union posed by the multiple crises has been recognized, progress towards resolving the underlying tensions has been elusive. One source of difficulty is different narratives of the underlying causes of the crises. Another is disagreement about the principles that should guide the European Project going forward, including the role of European Institutions relative to the governments of the member states, the degree of fiscal policy coordination and fiscal sharing, and the integration of the financial sector. In a white paper presented by the European Commission before the 60th anniversary of the Union, multiple ways forward are outlined, some reflecting deeper integration and others even less than the current degree of integration. This panel session discusses alternative views on workable ways forward for Europe, with special emphasis on the economic challenges posed by the euro crisis and Brexit. Among others, issues to be discussed include alternative proposals for enhancing the resilience of the euro area, changes in the governance of the euro area and the European Union, proposals for improving the functioning of European institutions such as the European Commission and the ECB, and ways towards achieving a positive outcome from the challenges posed by Brexit.
CEPR and Graduate Institute of International and Development Studies