The European Council on Foreign Relations

Commentary: Economic Crisis

What does the crisis mean for Europe - its member states, institutions and policies? How can the EU protect, and expand, its project during the crisis? How can Europe use the economic crisis to push for common solutions to global problems?

The economic crisis has hit Europe hard. ECFR's experts have been analysising what the crisis means for the future of the EU's foreign policy and global outlook.

ECFR's work on the crisis 

  • Europe in a world of crisis”. Both a timely and vast topic. It was also the theme for ECFR’s latest council meeting, held in Stockholm (the current seat of the EU Presidency) on 10-12 May. Click here for more information. 
  •  ECFR's Berlin office held a high level meeting on 7 May, dealing with many of the issues posed by the economic crisis. For more information on this event, please click here.
  • Mark Leonard presented his paper, EU-Russia relations: Is the global economic crisis another false opportunity? at an experts seminar on EU policy on Russia on 23 April 2009.
  • ECFR and Asia Centre published the March edition of China Analysis: China and the global crisis: Will Beijing be part of the solution?.

See more examples of ECFR's work on the economic crisis in the below commentary pieces.

A test cynically calibrated to fix the result

27 Jul 10 - Wolfgang Münchau

The EU's bank stress tests were flawed. The methodology suffered fundamental problems and was designed to fix the results. As ECFR council member Wolfgang Münchau argues in the Financial Times, if you tried to test the safety of cars using the same method, you would end up in jail.

Coalitions of the weaklings

23 Jul 10 - Richard Gowan

Before the euro crisis, Europe's leaders talked up the EU's global role. Now they are emphasising Europe's weaknesses and turning their backs on important foreign and security issues. In the meantime, crises continue to bubble in places like Sudan and the Middle East. Richard Gowan argues that weakness is not an excuse for inaction, but a reason to work in coalition.

The BRIC bloc

The Political West (the US, Europe and Japan) are in the doldrums while the BRICs keep growing. A third of world economic growth in the last decade has taken place in BRIC countries. So far, so good for the BRICs. But what next?

Der politische Zwerg wird zu stark

21 Jun 10 - Ulrike Guérot

Die Machtbalace in den deutsch-französischen Beziehungen hat sich radikal verschoben.

Why the euro will continue to weaken

08 Mar 10 - Wolfgang Münchau

We have always known a monetary union cannot exist without political union in the long run.

Has the EU escaped a Chinese rescue?

17 Feb 10 - François Godement

There is one worrying element to Greece’s financial tragedy that people seem to have forgotten: Greece first turned to Beijing for help.

What did we really learn from the economic crisis?

29 Sep 09 - Emma Bonino

All we have really done is change the decision-making body, while the causes and symptoms of the financial crisis remain unchecked.

Open letter: the state of the Latvian economy

10 Sep 09 - ECFR members

An open letter on the Latvian economic crisis, signed by ECFR members, including Martti Ahtisaari, Mark Leonard and George Soros.

Asia-Pacific security in the context of global economic crisis

25 Aug 09 - François Godement

The world crisis and its impact on Asian regional integration and economic security: An article for the Asia-Pacific Security Forum 2009.

Iceland in the EU? Yes, but….

05 Aug 09 - Ulrike Guérot

The Icelandic application for EU membership is a little bit special: propelled by the economic crisis, the EU’s eagerness will annoy other potential accession states.

Short-termism in the long run

10 Jul 09 - Daniel Sachs

Europe should be a model for liberals the world over. But today, Europe is increasingly characterised by fear.

Co-ordination is key to G8 success

Enlarged G8 summits are proving to be inefficient and the EU bears much of the blame.

Rescue plans

The economic crisis has highlighted the lack of respect member states have for the European Commission.

An open letter to EU leaders

31 Mar 09 -

Ahead of the G20 summit, ECFR calls on EU leaders to show the vision and leadership to develop a coordinated position on the financial crisis.

 1 2 >

Latest Publications

A danger or an opportunity? Post-Copenhagen China and climate change

This latest edition of “China Analysis” looks at the response to the Copenhagen conference within China itself, as it faces the worst environment position imaginable, threatening its systems and interests. 

A global China policy

China is now a huge foreign policy challenge to the EU: it must respond with a global China policy.

Beyond wait-and-see: the way forward for EU Balkan policy

Risk of instability in the Western Balkans: the EU can no longer 'wait-and-see'.

Dealing with Yanukovych’s Ukraine

The Yanukovych Paradox: How Ukraine’s new president can be good news for Europe after all.

China shapes its post-crisis economic agenda

The latest issue of China Analysis looks at Beijing’s willingness to strengthen international economic governance, and its authors argue that much thinking in China seems to focus on the short term

China and India: rivals always, partners sometimes

The authors of the latest issue of China Analysis argue that Western concerns over “Chindia” - the emergence of a Sino-Indian economic power bloc or strategic alliance - may be unwarranted. 

Towards a post-American Europe: A Power Audit of EU-US Relations by Nick Witney & Jeremy Shapiro

Europe has the US president it wished for, but does Barack Obama have the strong transatlantic partner he wants?

Can the EU rebuild failing states? A review of Europe’s civilian capacities.

Have broken promises and treating Afghanistan, DR Congo and Iraq like Bosnia left the EU without the capacity to prevent fragile states from becoming failing states?

What does Russia think?

ECFR publishes a collection of views from key Russian intellectuals.

The EU and human rights at the UN: 2009 annual review

The EU’s ongoing loss of influence at the UN is putting lives at risk, argues the author of ECFR’s latest paper.

In the Press

Les Echos - 01 Sep 10

Thomas Klau on Germany’s linchpin role in the eurozone governance debate.

Wall Street Journal - 30 Aug 10

Ulrike Guerot on Germany's place in Europe, post euro crisis.

Radio Free Europe - 24 Aug 10

Andrew Wilson says Ukraine's greatest success has been its 'survival'.

Read more press >

Click here for ECFR's Youtube channel.

Global Calendar