Foreword

Summary

Europe needs a “new narrative” if it is going to move forward rather than falling back into crisis. That narrative cannot be a collection of policy initiatives or institutional reforms. New policies are important; so are new institutional arrangements. But politics and institutions do not by themselves speak to a democratic electorate – and particularly not to an electorate that has focused its attention on legitimate grievances of its own. Only politicians with a clear vision of the future can wield influence with voters in such a context. If the politicians with the best ideas are too afraid to forge a vision, they should not be surprised when voters attach themselves to politicians who run off in the wrong direction. Europeans deserve better political leadership; so does Europe.

But what would such a vision look like? George Papaconstantinou argues that Mario Draghi’s “whatever it takes” moment is a good model for European leadership. This is not an argument for pure boldness or audacity; it is also not a celebration of improvization, although clearly some of that was involved. Instead Papaconstantinou makes it clear that Draghi’s pledge only had the effect on the markets and on the popular imagination that it did because it was well-flanked by sound policies and solid institutional arrangements. Draghi offered a vision alongside his commitment. And that combination of planning and determination is what political leadership is all about.

Drawing on his own experience in politics during the crisis, Papaconstantinou shows how Draghi effectively pushed back against a mistaken diagnosis of Europe’s economic problems. He also shows how these actions fed into creative thinking inside a number of different parts of the Europe Union about how European institutions can be made more resilient. Finally, Papaconstantinou underscores how the agenda for strengthening Europe remains controversial and incomplete. There was no inevitability to the events as they unfolded; instead political leadership helped to shape the new environment – with positive results that could nevertheless come unbound.

The challenge now is to round out the vision of Europe that the resolution of the euro crisis set in motion, building on contributions from both European institutions and the member states.