The elections to the European Parliament will be held from Thursday, June 6 to Sunday, June 9 throughout the European Union. They are every five years and serve as a turning point in the EU’s priorities and agenda. It is not that the house is going to be turned upside down, but with a renewed composition of the legislative power and the subsequent changes in the European Commission, many policies tend to take a new direction. Everything will depend on the new majorities that are formed. Among the elements that may undergo changes are economic and financial ones.
Firstly, it seems clear that the future of the so-called Green Agenda may be the main economic issue of the electoral campaign. The protests throughout Europe in recent weeks have been the spark that led to a deep debate. Evidence had already accumulated in recent years showing that tougher environmental standards and the greater pace of achieving sustainability goals in Europe than in other latitudes appear to be undermining European competitiveness. It would be a mistake to abandon a sustainable agenda, it is inevitable, even if other very relevant countries are faltering in achieving it – that’s them – if we want to avoid greater evils. In any case, the degree of disapproval of (a large) part of European society at the pace of achievement of environmental objectives will be measured in the elections. It cannot be ruled out that the sustainable agenda will be made more flexible to avoid widespread rejection with unforeseeable consequences.
A second is the need to increase the defense budget. It has clear implications on public spending. Whoever wins the US presidential elections and in the face of growing threats in the Old Continent, the message is clear: Europe must significantly strengthen its defense capabilities with its own resources. The funds needed would be high, and it would become a budget priority that would limit other policies. Whether this response would be carried out in a coordinated manner within the EU remains to be seen, although it would make a lot of sense in a context of integration.
Finally, there are many projects underway that will culminate in the next European legislature, and which, being more technical, may fall under the radar of the fierce political struggle.
An example is the digital euro project, promoted by the ECB and the European Commission, which will go through stages in the coming years until it is finally decided whether to create it, something probable but pending stipulation. The toughest test would still remain, the test of adoption by the European population that already has efficient private payment solutions and that, depending on how it is put into practice, may raise doubts about the privacy that is lost with its use. Some large politically driven European projects are not always supported by the general public, something that we could see again in the June elections.
