EU Faces Existential Crisis as Rhine Group Pushes for Reforms

A new initiative called the Rhine Group has been launched to address Europe's economic and political stagnation. Co-founded by Mario Draghi, former Italian Prime Minister and President of the European Central Bank, and Patrick Collison, CEO of Stripe, the group aims to push for reforms that would allow the EU to meet the challenges posed by Chinese competition, Russian aggression, and American disengagement.

The group's members emphasize the importance of addressing Europe's economic stagnation, citing the fact that only four out of the world's 50 biggest tech companies are European. If this trend continues, they warn that the continent will lose its ability to fund core state obligations such as defense, public healthcare, and education.

Draghi and his colleagues highlight the need for reform in light of recent events, including Armenia's intention to apply for EU membership, which would give the bloc a border with Iran. However, they acknowledge that the EU is structurally incapable of radical change due to its permanent coalition of center-right, centrist, and center-left politicians.

Draghi's experience in the Eurozone crisis has led him to believe that another crisis could force politicians to submit to technocrats, allowing for policy changes. The Rhine Group's efforts may be seen as an embryonic program for an EU emergency government.