Prima facie, increased competitive pressures would be expected to both dampen firm profit mark-up behaviour while also potentially altering developments in costs (such as the cost of capital and labour) which underlie price dynamics.
Individual European countries are bound to have each a lesser role to play on the global arena. This is already the case in trade, international finance, the environment, energy. How long will it take for European countries to realise that, in terms of power, they have become close to irrelevant?