The writer is a former president of the European Central Bank and was prime minister of Italy. He oversaw a report on the future of European competitiveness
Recent weeks have provided a stark reminder of Europe’s vulnerabilities. The eurozone barely grew at the end of last year, underlining the fragility of the domestic recovery. And the US began imposing tariffs on its major trading partners, with the EU next in its sights. This prospect casts further uncertainty over European growth given the economy’s dependence on foreign demand.
Two major factors have led Europe into this predicament — but they can also lead it out again if it is prepared to undergo radical change.
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