Having had little time to absorb the economic and social shock of the COVID-19 pandemic, the EU is confronted with yet another crisis – rising energy prices due to Russia’s war in Ukraine coupled with inflation reaching historic levels. Household burdens vary greatly across and within EU member states, requiring different policy responses. In this Forum, contributors consider specific responses from individual EU member states and the EU as a whole to determine best practices and gauge how they may be more effectively applied.

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After decades of increasing globalisation in trade, capital and information flows, we are currently experiencing a shift due to the COVID-19 pandemic, Russia’s war in Ukraine and divisions over the conflict. Disrupted supply chains, US-China trade tensions and the gradual demise of the WTO have altered the geopolitical landscape. Where is globalisation heading? Are we seeing the beginning of a more multipolar world order? Where does the EU fit in this new scheme? This Forum, featuring contributions by the speakers at the 2022 joint Intereconomics/CEPS conference, examines geopolitics and geoeconomics in a changing global order.

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In the past few years and months, a number of subsequent shocks have hit the European economies. A combination of high levels of public debt, stagflation as well as the announcement of a joint return to contractionary monetary and fiscal policy could be a challenge for the EMU given that interest rates on government bonds, in particular in southern Europe, increased substantially in recent weeks. This Forum takes a look at the factors that have contributed to the recent return of interest rate spreads, analyses the new developments in macroeconomic aggregates and considers how the EU should respond to the emerging crisis.

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On 23 June, EU leaders converged to throw their unanimous support behind the candidacy for EU membership of Ukraine and Moldova and acknowledge the eligibility of Georgia. Still, the path to EU membership is long and fraught. This moment and these new candidates present the EU with an opportunity to reform, redefine and recreate itself to meet the new challenges that lay ahead, conceptualise joint foreign and security policy and carve out its place as a geopolitical actor in its own neighbourhood and beyond.

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