The European Union must urgently reform to maintain its global role or risk falling to the margins of world politics amid growing US-China rivalry. This is stated in a new report prepared by former British Prime Minister Tony Blair and JPMorgan Chase CEO Jamie Dimon, reports „Reuters“, reports News.bg.
The report, based on conversations with government, business and civic leaders, analyzes how the coincidence of profound structural changes is transforming countries, markets and institutions. According to the authors, these processes particularly threaten those countries that have long relied on the United States for security while deepening their economic ties with China.
Blair, who was British Prime Minister between 1997 and 2007, and Dimon emphasize that Europe needs deeper integration to put defense and economic growth at the center of its policies.
“If Europe is unable to stand up to Russia on its own, it will be even less able to manage systemic competition with the United States or China. Reform is not an option - it is a necessity for the EU to remain relevant“, the document says.
The publication of the report coincides with an EU summit, which will discuss financing for Ukraine and the bloc's response to the “changed environment for rules-based economic relations“. At the same time, US President Donald Trump is putting pressure on the EU, including through a new National Security Strategy.
European Commission President Ursula von der Leyen has also said that Europe must reform and take greater responsibility for its own security. However, EU supporters note that while Europe's share of global GDP is declining, the United States is following a similar trend.
The report also examines the situation of so-called middle powers - such as India and the Gulf states - which face new dilemmas in the changing geopolitical environment. Examples include US tariffs on India over its purchases of Russian oil, and the United Arab Emirates’ decision to deepen its technology ties with the US, which show that countries are increasingly forced to choose between Washington and Beijing in the technology sphere.
Alexander George, author of the report “A Retooled World: Navigating a Multi-Speed, Multi-Polar Order,” notes that unlike in the past, today there is no historical analogue to serve as a reference. “We are truly living in a world that has never existed before. It is like a three-dimensional chessboard,” he says.
According to the analysis, the US retains significant global power but faces serious domestic challenges, including political instability and high national debt. China's future will depend on its ability to sustain economic growth despite demographic problems and accumulated debt.
The report was jointly prepared by JPMorgan Chase, which under Dimon's leadership has launched a ten-year investment plan worth $ 1.5 trillion to support strategic sectors in the United States, and the Tony Blair Institute for Global Change. Blair is also chairman of JPMorgan's international council, which advises the bank on issues related to strategy and geopolitics.