Canada's EU Ties Won't Save Europe from 'Slow Agony' of Decline
European Commission President Ursula von der Leyen has been pushing for closer ties with Canada to boost growth and reduce regulations. However, former European Central Bank president Mario Draghi warned two years ago that Europe faces a 'slow agony' of decline without radical reforms. The EU's economy continues to slide, and the Rhine Group, founded by Draghi, is working on proposals for economic reform.
The association with Canada aims to provide an alternative to the US market and defense umbrella, but experts say it may not be enough to save Europe from decline. Canada has been seeking to diversify its trade and security relationships, and Mark Carney, now Prime Minister, is a Europhile who believes in the need for like-minded middle powers to band together.
The EU is facing significant challenges, including deindustrialization, demographic decline, and political tensions. The rise of far-right parties in many EU countries is driven by anger over migration and economic stagnation. The European Parliament is seen as a rubber stamp for regulations, and the bloc's next seven-year budget is being pushed through despite opposition from several member states.