Europe is becoming a global political power

The crisis caused by Russia’s invasion of Ukraine has triggered new forms of cooperation among EU member states.

A European Union flag being held up during a rally in support of EU membership for Georgia in the country’s capital Tbilisi early last month. PHOTO: AFP
New: Gift this subscriber-only story to your friends and family

(FINANCIAL TIMES) - Russia's war of aggression in Ukraine is shaking up the European Union, accelerating its evolution into a fully fledged sovereign political power, complementing its existing economic strength.

The EU has grown more powerful through several crises. "Economic Europe" has evolved into a strong and stable single currency, making the devaluations of the era of flexible exchange rate systems a distant memory. And since the euro zone sovereign debt crisis, the bloc has also strengthened its financial system and monetary tools.

Already a subscriber? 

Read the full story and more at $9.90/month

Get exclusive reports and insights with more than 500 subscriber-only articles every month

Unlock these benefits

  • All subscriber-only content on ST app and

  • Easy access any time via ST app on 1 mobile device

  • E-paper with 2-week archive so you won't miss out on content that matters to you

Join ST's Telegram channel and get the latest breaking news delivered to you.