Europe’s lifelong companion? The debate on the future of Europe

Abstract

The discussion of the “future of Europe” has become the European Union’s lifelong companion. It has evolved in successive phases. The current one has been shaped by the 2008 financial crisis and the “great recession” which it had provoked, as well as a number of more recent developments such as those created by USA policies. The great recession caused havoc everywhere, and brought to the surface several issues which had been simmering for many years. No member state was immune to its effects, but some suffered more than others. The southern EU countries, particularly Greece, saw their financial systems shaken to the foundations: economies contracting; public debt soaring; unemployment, especially among the young, rising to historic proportions; poverty and hardships becoming the new norm for sections of their societies. The fundamental financial support provided by the European Union during the financial crises came with strings, which some saw as being too stringent, not fairly applied to all countries, and restraining the room for manoeuvring to support the most vulnerable. This led to public anger, governments were dethroned and newer, often fringe parties, came to the fore. Populism grew rapidly and Euroscepticism increased.