What Now, Europe?

European leaders are waking up to the imperative of ensuring the continent's defense in a changed geopolitical environment. But they face complex trade-offs in terms of how to manage the corresponding transition and build the institutions needed for efficient defense procurement, threat assessment, and strategic planning.

Since the 2024 publication of reports by senior statesmen Enrico Letta and Mario Draghi, the European Union has been debating how to improve its competitiveness and foster more high-growth companies. Together with France's Christian Noyer, former German Federal Finance Minister Jörg Kukies has led an in-depth investigation of policy options to that effect. This session discusses their findings and recommendations.

In 2012, Anu Bradford coined the expression "Brussels effect," echoing earlier intra-US references to a similar "California effect"—namely that the global significance of the European market allowed the European Union to shape market regulations worldwide. Is this concept still relevant in a world that appears to have entered a phase of fragmentation?

Ukraine is on a path towards membership in the European Union—subject of course to the outcome of the ongoing brutal war of aggression by Russia. In this inaugural session of PIIE's new Europe-focused live podcast series, we will discuss the challenges and trade-offs both for Ukraine and for the European Union, with a leading government adviser and civil society advocate who was Ukraine's deputy infrastructure minister between July 2022 and October 2024.

Europe faces a turbulent new era of economic, security, and governance challenges. Join Nicolas Véron, senior fellow at the Peterson Institute for International Economics, for a live podcast with experts and practitioners diving into Europe's economic future in a changing world.   What Now, Europe? launches on September 23, 2025. Register at piie.com for the first episode (https://www.piie.com/events/2025/ukraines-future-european-union) to join the live recording or listen anytime wherever you get your podcasts.    From the Peterson Institute for International Economics.    Music by Lightbulb Moment/Eden Avery/Courtesy of Epidemic Sound