The Path Toward a Two-Speed Europe

Thanks to the euro, the EU has become an essential partner on the world scene, yet, during the euro crisis, its powers appeared inadequate, its financial resources insufficient, and its decision-making slow. As events unfolded, the euro problem has proven actually to be a lack of political will at the heart of European governance. The 'power vacuums' at the heart of the European institutions called for remedies. To proceed, there were two possible pathways: either Europeans turned their backs on integration or they accelerated their progression toward it.