The Versailles Declaration: implications for Europe’s economic governance The Russian invasion of Ukraine marked a turning point for Europe and for globalisation. [14] When European leaders met in Paris on 11 March, they described the current situation as a “tectonic shift in European history”, with far-reaching effects on the structure and governance of the European economy.
In the ensuing Versailles Declaration, they recognised Europeans’ collective security as a shared public good and identified three conditions for achieving it: reducing energy dependence, bolstering defence capabilities and building a more robust economic base. The adjustment to this new state of international political and trade relations will be costly and require substantial investment.