Abstract
Europe may emerge from the recent crisis stronger than before, as a player with a more sustainable democratic model than China and fewer political divides than the US. What reports tend to neglect is that Europe is currently the largest economic region, leading in exports, foreign direct investment, and most indicators on Sustainable Development. A reason for this downplaying is that Europe is seen as continent consisting of individual small and big countries and not as a political or economic whole. The paper takes an alternative position and carves out conditions for closing divides, to make existing European strengths more visible and extend the quality lead. The Recovery and Resilience Facility as well as the Multiannual Financial Framework must be used for reforms and coherence. A rebounding Europe requires a double strategy of fostering innovation while redirecting productivity towards energy and resource saving, away from its current priority on labour efficiency. This would empower Europe to be a quality player in a multipolar world in which there are no longer only two superpowers, China and the US, competing for attention.
Highlights
Europe may emerge from the recent crisis stronger than before, as a player with a more sustainable democratic model than China and fewer political divides than the US
What reports tend to neglect is that Europe is currently the largest economic region, leading in exports, foreign direct investment, and most indicators on Sustainable Development
The Recovery and Resilience Facility as well as the Multiannual Financial Framework must be used for reforms and coherence
Summary
The reason to hope for a shorter crisis in this case is that both fiscal and monetary policies have been providing credits and grants, boosting expenditures at an unprecedented speed and to a much greater extent. The last administration tried to get rid of the negative balance of payment, redrawing trade contracts and abolishing domestic standards for coal plants, oil refineries, and the horizontal drilling of gas or pipelines This strategy failed, since raw materials and semi-fabricated products are sectors with low demand growth in a highly industrialized country. 2.2 Middle Powers Analysed; Europe Neglected During the nineties of the last century, Japan was assessed by many analysts as on the road to becoming the technology leader, due to its lead in the car technology, just-in-time management, and catching up in labour productivity with the US It did not exploit all the profits from globalization, as it discriminated against imports, preventing their positive competition-increasing effects, and universities did not turn international, while immigration from its neighbourhood was not allowed. Which indicator for size we choose; we can take the GDP, population, trade (including surplus or deficit), technology or alternatively qualitative outcomes (like Sustainable Development Goals or a single comprehensive indicator such as life expectancy)
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