Author information:
György Szapáry: Magyar Nemzeti Bank, Chief Adviser to the Governor. E-mail: szaparygy@mnb.hu
Abstract:
The economic crises of the 21st century have challenged the unity of the European Union. The initially strong centripetal forces started to be weakened by new, unexpected centrifugal forces. What does the future hold for the European Union, and how can it face the unforeseen challenges? Currently the most important divisive, centrifugal forces within the EU include the management of mass migration, the debates surrounding the EU budget, the lack of a common foreign policy and the issue of sovereignty versus federalism. The essay addresses these topics one by one, because a strong, influential and unified Europe cannot exist without a solution to the migration crisis which is accepted by all Member States, a more coordinated fiscal and foreign policy and an explicit, uniformly accepted interpretation of the sovereignty of nation states. These areas are likely to remain divisive, centrifugal forces hampering the progress of European integration for years to come, but they should be discussed to identify the most important things to do.
Cite as (APA):
Szapáry, G. (2021). Centripetal and Centrifugal Forces in the European Union. Financial and Economic Review, 20(4), 118–129. https://doi.org/10.33893/FER.20.4.118129
Column:
Our Vision
Journal of Economic Literature (JEL) codes:
N14, F53, H61, H63, H77
Keywords:
European Union, migration, EU budget, foreign policy, sovereignty
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