A STRATEGIC AGENDA FOR THE NEW EU LEADERSHIP Memo to the presidents of the European Commission, Council and Parliament. Bruegel

Demertzis, Maria and Sapir, André and Wolff, Guntram B. (2019) A STRATEGIC AGENDA FOR THE NEW EU LEADERSHIP Memo to the presidents of the European Commission, Council and Parliament. Bruegel. [Policy Paper]

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Abstract

You inherit a relatively healthy European economy, but you face three formidable challenges in the next fi ve years. First, you must defi ne 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, fi nancial and security capacities. You shoul d 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 greenhousegas 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 fi scal policy, reform the governance of the euro area and address tax fraud and evasion.

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