Europe: Strategic Drifter

Economic weakness and geopolitical shifts may see Europe choose a foreign policy of weakness.

Issue: July-August 2013

THE EUROPEAN Union’s unfolding crisis tends to be seen as purely economic in nature and consequence. The EU is a common market, with a common currency adopted by most of its members and with fiscal problems of one kind or another facing almost all of its capitals. Most analyses of the euro crisis focus, therefore, on the economic and financial impact of whatever “euro exit” may occur or of a European fiscal centralization. In the worst case, they project a full-fledged breakup of the common currency and perhaps even the EU itself. Not much can be added to this sea of analysis except a pinch of skepticism: nobody really knows the full economic impact, positive or negative, of such potential developments.

You must be a subscriber of The National Interest to access this article. If you are already a subscriber, please activate your online access. Not a subscriber? Become a subscriber today!