Abstract
The common-market project, that after World War II aimed to prevent future wars among European Nations, evolved through crises into a complicated and unstable set of European Union policies and institutions. The COVID-19 pandemic and the war in Ukraine reinforced coordination and added common debt issuance to the supranational policy toolkit. But the NextGenEU program relies heavily on government subsidies rather than on market incentives, and Russia’s invasion of Ukraine shows that economic integration can at most move the boundaries of war to those of the integrated economic area, rather than of Nations. These developments weaken the crucial role of integrated markets as the principal instrument for growth, cohesion, stability, and peace in Europe.
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