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Age of Conflicts: Consequences of the Ukraine War for Europe and Germany
Find out why the current global crisis is leading to a turning point in economic policy and how Europe and Germany must react to it. Geoeconomics is becoming the new reality.
<span style= color:blue >Age of Conflicts</span>: Consequences of the Ukraine War for Europe and Germany
Recent geopolitical developments have led to a fundamental change in the global order. The conflict in Ukraine and possible future conflicts such as the Taiwan conflict point to an age of conflict. The previously known rules-based international order is history, and stability appears fragile. A multipolar world order brings with it new uncertainties and geoeconomic challenges that affect the security of trade routes, energy sources and raw materials.
The connection between foreign, security, foreign trade, trade and industrial policy is increasingly viewed as “geoeconomics”. States use economic policy strategically and use it as a weapon. The West, politically, militarily and economically, is in danger of losing influence as countries like China and India forge new alliances. The era of hyperglobalization is coming to an end, and the politicization of the economy and the economization of politics are becoming more evident.
Germany and Europe face the challenge of adapting to the new geo-economic realities. The international division of labor from which they have benefited so far could be threatened by changing trade and investment conditions. Europe must strengthen its defense and alliance capabilities and develop a comprehensive geo-economic strategy to create resilient and sovereign models.
A realignment of European policy is essential in order to do justice to the new circumstances. These include reforming the unanimity principle, strengthening the internal market and a trade policy geared towards security and alliance policy. Europe must undergo a cultural change and put national self-interest aside in favor of a common, forward-looking approach. An ambitious industrial and procurement policy as well as strategic partnerships in the areas of energy and raw materials are essential to meet the new challenges and secure Europe's continued role in the world.