European leaders warn of existential crisis and slow competitiveness

During a conference in Lisbon marking 40 years of Portugal's accession to the European Union, European leaders issued warnings regarding the continent's future. Maria Luís Albuquerque, the European Commissioner for Financial Services, described Europe as being in a “grave crisis, which may be existential,” though she noted it has not yet manifested in an acute, widely perceived manner.

Albuquerque criticized the tendency of political leaders to delay necessary reforms until crises become visible, noting that the perceived cost of reform often outweighs the perceived benefit in the short term for elected officials. She urged moderate political parties to show courage by addressing the issues most valued by extremists to prevent them from gaining undue influence.

Additionally, José Manuel Durão Barroso highlighted a crisis of competitiveness, characterizing the current situation as a “slow-motion crisis” facing the European Union.