Will Global Economic Restructuring Bring the West Back to Game?

Discussion

Will Global Economic Restructuring Bring the West Back to Game

What has Europe lost because of the financial crisis? Can it regain the position it once had, or will settle for an intermediate outcome? Thomas Kleine-Brockhoff of the German Marshall Fund of United States moderated a panel that looked at Europe’s economic challenges and also highlighted the role of political will and common values in its recovery.

Edgars Rinkēvičš, the Foreign Minister of Latvia, argued that economic recovery is necessary for Europe to remain attractive, but also that the economic crisis is not the sole factor in Europe remaining in the Game. It is also a matter of political will on the national and European levels. He argued that the West has many effective structures that allow it to play an important role on the world stage. “We see that the number of challenges are increasing, and whether we are ready to cope with all of them at once” is not just a matter of economics.

Vesna Pusić, the Minister of Foreign and European Affairs of Croatia, emphasized the importance of values in Europe. In her view, Europe has changed over the past decade. “Solidarity is a value that has almost completely disappeared as a concept,” she said. Yet she remained optimistic about the role of Europe. Although a threat of poverty is not a “big friend of generosity and solidarity” or lofty political goals, “in spite of all the problems, the European market is still the richest in the world.”

Economic policy needs to be part of the solution. The Minister Delegate of European Affairs of France Bernard Cazeneuve suggested that Europe pursue policies on innovation and competitiveness, arguing that training for youth would be key to ensuring the attractiveness of Europe. But economic reforms would not be enough. “It is important to organize more solidarity in Europe and more political integration,” he said.