I will start in the present by giving you my take on the current state of the European Union. Much like in the US, we have not yet found the solutions to the root causes of these problems.
Next, I take a look back at the past to explain that the root causes lie at the heart of our market economies – the tension between innovation and social cohesion that has been there for more 1/7  BIS central bankers' speeches  than 200 years.