Europe and the world: what must be done

Europe's strategic autonomy

Victor Ângelo

 

Tianjin is a port city, a little more than a hundred kilometres southeast of Beijing. When the European powers established concessions in China, since the middle of the 19th century, this was one of the localities chosen as a gateway, with the advantage of being close to the capital. Today, it is a metropolitan zone that covers an area larger than the district of Beja - imagine the entire Baixo Alentejo urbanized, a landscape of skyscrapers with more than 15 million inhabitants. In 2025, Tianjin should have an economy two and a half times the size of Portugal.

The Tianjin example shows how important it is to see the world with realism. China is an unstoppable giant. It has in its favour the size of its population, authoritarian centralism of power, political will, and massive investment in science, technology, and the acquisition of raw materials. In this context, what future can Portugal, or any of most European countries, have in the global balance of power? Fortunately, there is the European Union. The productive integration and the pooling of political efforts allow the member-states to carry some weight in international economic relations and in the geopolitical chess game. If there were no other reason to justify the deepening of the EU, this alone would be enough.

This is where the question of Europe's strategic autonomy arises. It is part of the ritual of the speeches now in vogue. But it needs to be deepened and transformed into an action plan. That is why I will address three aspects of the subject today, leaving the defence and security dimensions for another time.

In this decade, the first major step towards the affirmation of Europe is the strengthening of the euro as an international means of payment as well as a monetary reserve currency. The European currency is already the second most used in global transactions, well above the Japanese yen and the Chinese renminbi, but it is still far behind the US dollar. It is essential, to allow autonomy in other areas of sovereignty, that there be the political will to accelerate the use of the euro in economic and financial relations with the most diverse regions of the globe. This discussion must get on the agenda of European political leaders. This is not a mere technical problem or a question of waiting for the dynamics of the markets. It is a strategic priority.

The second line of intervention concerns foreign policy. At present, except for the climate issue, Europe's position on major issues is defined by two negative features: subordination to the conveniences of the United States and fragmentation, a consequence of the individual interests of the Union's member states. The EU High Representative for Foreign Affairs and Security Policy represents little more than himself. The current holder of the post, Josep Borrell, although more experienced than the two previous holders, does not show the ability to push a proactive and cohesive agenda. This is not the way for the EU to have a greater voice on the global stage. This is another issue that cries out for a new kind of agreement at the level of European political leaderships.

The third course of action became more evident when the pandemic highlighted the importance of self-sufficiency in the production of cutting-edge goods and services. European economies must continually invest in scientific, technological, and digital innovation, and in the training of citizens. The Social Summit held in Porto recognized the need for lifelong learning. This is the new way to look at the competitiveness of our economies. It remains to be determined which sectors should be considered key, in addition to health, the expansion of artificial intelligence, cybersecurity, and energy. 

Strategic autonomy does not exclude interdependence and cooperation between us and others. And it cannot be just talk. It requires clear ideas and appropriate policies. 

 

(Automatic translation of the opinion piece I published today in the Diário de Notícias, the old and prestigious Lisbon newspaper)