You inherit a relatively healthy European economy, but you face three formidable challenges in the next five years. First, you must define Europe’s place in an increasingly bipolar world driven by a geostrategic rivalry between the United States and China.
You should avoid protectionism and instead strengthen Europe’s technological, financial and security capacities. You should continue to support multilateral institutions and stand ready to retaliate against trade aggression. Second, global warming is a reality and temperatures appear to be rising faster than forecast. You need to impose higher prices on greenhouse-gas emissions, guide a deep transformation of our economies, minimise the resulting social fallout, ensure border carbon adjustment and globalise the EU’s decarbonisation. Third, you need to manage the economy and EU cohesion. The main worry is a deep recession or even a new crisis. Guide European policymakers on the use of pro-active fiscal policy, reform the governance of the euro area and address tax fraud and evasion.
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