Europe's Strategic Challenges in a Shifting Global Order

Jose Luis Escriva, a member of the European Central Bank (ECB) Governing Council, highlighted the increasing complexities and adversities facing Europe in the current international environment. Speaking in Bilbao, Escriva pointed out the risks posed by geopolitical fragmentation and the rise of competing global blocs to the multilateral framework that has underpinned European prosperity.

Impact of Military Conflicts on Global Systems

He emphasized how military conflicts are directly affecting trade flows, global value chains, and the international financial system, underscoring the interconnectedness of global economies.

Europe's Vulnerabilities and the Need for a Cohesive Response

Escriva identified key vulnerabilities for Europe in energy, technology, and finance. With the U.S. and China leading accelerated technological advancements and Europe facing demographic decline, he called for a clear, ambitious, and cohesive strategic response to strengthen Europe's position on the international stage.