Otherwise, we risk a situation where common challenges are continually seen through a national lens, which inevitably fragments Europe’s democratic debate and fuels divisions that undermine efforts to implement effective European policies.19 All of this is made more challenging by the fact that there is not yet a meaningful European public space. And yet here, ironically, globalisation could actually come to the EU’s aid.
Over the medium term, however, there is increasing risk that the correction of global current account imbalances could involve a period of weakness in world aggregate demand. 1/1