Diplomacy and International Politics

The Project on Europe hosted a post-COP 26 discussion about how European integration of a climate change agenda is now at the very center of its political project. Europe is exiting almost two decades of existential crisis during which it lost its narrative: it no longer had a compelling story to tell. It has now found it once again. Today, a green Europe represents a normative vision, an economic growth strategy, as well as a route to a political Union: it promises to be the new narrative to revive the European project. Precisely because it is so existential for the future of Europe, getting both the story and the practice right is crucial. This is a tall order.

A normative vision for the future, it represents both a clear growth strategy and a route to a political union for the bloc. Yet, as has been made clear at the U.N.’s Climate Change Conference (COP26) in Glasgow this week, the EU — responsible for only around 8 percent of global emissions — is but a small part of the global picture. And a green Europe can only be realized if it’s a global one too.  

Michael Greenwald writes that with the recent change of leadership at the European Central Bank, the euro likely has a bright future ahead.

As tensions mounted between the United States and Iran, European nations pressed for a calm response, fearing that any escalation could disrupt trade through the region’s vital Strait of Hormuz, which carries up to a third of global crude oil exports traded via ships. If the strait is blocked or trade there is disrupted by conflict, analysts predict oil prices would surge.

If oil prices remain low over the long term, the Middle East could suffer a macroeconomic shock of historic proportions. Although some countries in the region are better positioned for revenue shortfalls than others, all will have to make tough choices now to ensure future prosperity.