ABSTRACT
What are the geopolitical and economic factors that have plunged Europe’s long-acclaimed regionalism into a deep crisis? In this chapter I argue that, faced with converging economic and strategic crises, the European Union has lost much of its charm as a role model of regionalism. This crisis environment is marked by the rise of Euroscepticism, racism, and far-right political parties. My main focus is on how excessive financialization and orthodox austerity policies have combined with geopolitical conflicts involving Russia, Ukraine, and Syria to paralyze the European Union’s governance project. Eventually, the crisis of neoliberal governance in the Global North creates a power vacuum for the further development of post-hegemonic initiatives in global governance.
