Europe and the Euro: In Freefall

It has been well known for some time that Europe’s relative decline is the major challenge for future European Union foreign policy. The underlying trends are clear: the EU’s share of world trade, production and population are all set to diminish, its political power already weakening. But in the last six months, this incremental decline seems to have accelerated alarmingly. The EU’s international power appears to be in freefall.