European Union - Finding a majority for von der Leyen could be challenging.
Per the Kiel Institute for the World Economy (IfW), the aftermath of the European elections suggests that it'll be a challenging task to secure victory for Commission President von der Leyen's potential reelection. Specifically, the rise of populist parties could potentially hinder the fortification of the European Union in the current chaotic global landscape. IfW President Moritz Schularick stated this on Monday in Kiel.
Schularick noted, "In a turbulent time for the world economy, a strong EU is necessary to assert European interests firmly." To achieve this, Europe needs to complete its capital market and banking union, in addition to measures aimed at creating a European defense. The economic and military security of Europe and the progression of the internal market must be priorities for the new Commission, as per IfW's President.
Nonetheless, these goals are hampered by the strong showing of populist and Eurosceptic parties. While it doesn't impossible this work, it undoubtedly makes it more difficult. "The pro-European factions must now unite further and not be swayed by the melodies of populism," said Schularick. Populism, he explains, is financially costly and detrimental to economic growth.
