Issue link: https://maltatoday.uberflip.com/i/1164933
12.09.19 9 EDITORIAL BusinessToday is published every Thursday. The newspaper is a MediaToday publication and is distributed to all leading stationers, business and financial institutions and banks. MANAGING EDITOR: SAVIOUR BALZAN COORDINATING EDITOR: PAUL COCKS CONTRIBUTING JOURNALISTS: MASSIMO COSTA | LIAM CARTER BusinessToday, MediaToday, Vjal ir-Rihan, San Gwann SGN9016, Malta Newsroom email: bt@mediatoday.com.mt Advertising: afarrugia@mediatoday.com.mt Telephone: 00356 21 382741 I t has taken the European Union a decade of austerity to start recovering from the 2008 economic crisis, albeit progress has been slow and disparate. The EU did react to the crisis, and the subsequent financial crash caused by large banks that went under. Supported by a European Central Bank that forced interest rates down to stimulate the economy, the outgo- ing Juncker commission made availa- ble millions in infrastructural funds to help bolster job-creating investment in projects of European interest. But the ravages of that crisis can still be felt in different communities across the bloc of 28 nations (soon to become 27) where youth unemployment re- mains stubbornly high and incomes depressed. Many European citizens have lost hope, pushing them towards populist, far-right parties that spout a danger- ous rhetoric that seeks to blame the malaise on migrants. On the world stage, the EU is sand- wiched between the increasingly insu- lar US, led by an unpredictable pres- ident, to the west, and China on the east that flaunts its economic strength by exercising soft power. In face of this, the EU remains slow to react and reluctant to lead. What the EU lacks in military clout, it can easily make up for through eco- nomic strength and influence. But to do so, the EU must become nimbler and more relevant internationally. It has to embrace technological ad- vancement, not fear it. It has to reg- ulate for progress rather then put up barriers to change. The EU is often seen as being too bureaucratic. The bloc thrives on red tape, which is partially a consequence of trying to coordinate policy initia- tives that are satisfactory to 28 differ- ent countries, each with their own cul- ture and pace of development. Within this context, European Com- mission President-elect Ursula von der Leyen's statements last Tuesday when announcing the portfolios of her com- mission provide for some encouraging change. "We have a structure that focuses on tasks, not hierarchies… We need to be able to deliver on the issues that matter the most, rapidly and with determina- tion," she told reporters in Brussels. Von der Leyen continued: "I want this European Commission to be a flexible, modern, agile Commission." These were ambitious words that also came packaged in funny portfolio names such as, "Protecting Our Euro- pean Way Of Life", and "Europe Fit For The Digital Age". How these words will translate into improving the lives of Europeans still has to be seen. She enjoys the advan- tage of having a well-balanced geo- political team – her three senior vice presidents come from the three main- stream political families and the power structure appears geographically bal- anced between north and south, west and east. The latter is important to ensure that no group of countries within the EU feels ostracised. The new commission still requires approval from the European Parlia- ment as commissioner-designates face grilling sessions at the hands of MEPs. Bar a few awkward choices that may cause some problems with MEPs, Von der Leyen is likely to get her way. The real stumbling block could be convincing individual governments to toe the same line in a post-Brexit EU that will continue to be tested by pop- ulists within and global super powers without. Needed: a nimble, more relevant Europe