Battling Euroskepticism

Enthusiasm Trumps Fear

resized DISTORTED young person at training dpa
Technological revolution, writes Stefan Schaible, has to be put at the service of everyone.
  • Why it matters

    Why it matters

    The European Union has suffered serious blows with Brexit, the refugee crisis, multiple terror attacks and rising populist sentiments.

  • Facts

    Facts

    • For many people, technological advances have not meant progress, argues the author.
    • But the European Union must ensure that the technological revolution is put at the service of everyone.
    • This means financial and structural reforms, in addition to promoting projects that get people excited about the European Union again.
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  • Audio

    Audio

  • Pdf

There is no question that Europe is not in a good place right now. Brexit, the refugee crisis and the danger of terrorism are just a few symptoms. And real economic recovery seems distant.

While our political decision-makers scratch their heads over solutions, many citizens have long lost confidence in the ailing European project. The shroud of fear about the future that has settled over the Continent can also be explained by the fact that for many people, change has not meant progress. The rapid pace of technological development and the fundamental upheavals it has brought to the economy have left many citizens feeling out of their depth.

The speed of these changes is connected to high liquidity surpluses and expansive monetary policy flooding the markets with cash. The attempt to stimulate investment with extremely low interest rates has led to a few privileged investors – in the absence of attractive returns from other assets – investing heavily in new technology. So the number of unicorns – start-ups with a market evaluation of at least $1 billion – has increased worldwide to 180, with a total value of $700 billion.

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