All eyes on Germany. It runs the continent and dictates how the game is played.
With Europe currently absorbed by the refugee crisis and, after the Paris attacks, its security implications, the Eurozone crisis, once considered an ‘existential threat’ to the EU, suddenly feels remote.
The EU’s capacity to respond effectively to the migration emergency in the coming months, however, is heavily conditioned by the legacy of the Eurozone crisis.
There are three parallels between the Eurozone and the migration crises: the hybrid nature of European governance structures that are little prepared to face up to major external challenges; the preeminence of Germany as a key player; and the important role of a peripheral country – Greece – as a conduit for an external challenge that is becoming an internal crisis.
These issues will determine whether and how the EU will overcome the refugee crisis. They are also, all the same, the areas in which the EU’s capacities have been most stretched by the Eurozone crisis. Continue reading