Europe is often presented as a declining
global power, in which red tape, incumbency interests and governance
flaws hamper economic performance, innovation and productivity. Part of
this can be traced back to the inherent challenge and ambition of the
European integration project; but also to external factors, including
the rise of the United States as a global superpower during the past
century, and the worldwide diffusion of ideas, especially in politics
and economics, which were seldom originated in Europe, or tailored to
its peculiar legal, economic and social traditions. Until recently,
Europe has sought to carve out its model and role in global governance
by mimicking many US policy approaches: shareholder capitalism,
deregulation and unconstrained movement of capital. As the global
community increasingly sees the rise of protectionist stances, and a
growing inability to face emerging challenges such as sustainable
development and the breath-taking rise of disruptive digital
technologies, Europe should look at its best qualities to revamp and
reclaim its position in the global order, to the benefit of all. The
prospect of Brexit, while certainly not favourable for the Union,
paradoxically opens up new opportunities to face emerging challenges
with a greater degree of cohesion.
This
new book, a joint effort between Donald Kalff and a group of CEPS
researchers led by Andrea Renda, aims at identifying and exploring
Europe’s ‘hidden treasures’, often neglected competitive advantages that
could, if adequately nurtured, return the Old Continent to the
forefront of the global order. ‘Hidden treasures’ are a feature of the
EU economy, legal system or legal tradition that are being given
insufficient attention in EU public policy, and which bear the potential
to increase Europe’s competitiveness and overall positioning in the
global context. The authors find them in ten policy domains, from
contract law to corporate governance, taxation, control of corruption,
competition policy, trade, innovation and the EU’s unique approach to
governing the digital economy. Uncovering and promoting hidden treasures
becomes, as of today, a timely and highly needed exercise, as the EU
approaches its post-elections transition, and the global governance
context seems to be rapidly changing, shaping a new playing field in
which Europe has no obvious allies, and is increasingly challenged by
superpowers with different, if not diverging, priorities.
