Focus | EUROPA 2026

Is #Europe still a global power, or is it learning to operate within new limits? The latest issue of #ViaSarfatti25 brings together a set of perspectives from our Faculty, researchers and PhD students that, taken together, offer a clear answer: Europe is not declining, but it is being forced to redefine itself across security, economics, technology, and governance. Daniel Gros frames the starting point with a call for realism. In a world dominated by the US and China, Europe cannot aspire to be a #superpower in the traditional sense. He argues that Europe should instead focus on #security, trade and alliances with like-minded democratic nations. Yet, as Carlo Altomonte highlights, even where Europe already invests heavily, its impact is weakened by #fragmentation. Over €300 billion in annual spending does not translate into strategic autonomy because systems, procurement, and industrial capabilities remain divided along national lines. The real challenge is not scale, but integration. This tension between capacity and coordination extends to Europe’s broader #geopolitical positioning. Livio Di Lonardo shows how the old model—security from the US, energy from Russia, growth from globalization—has collapsed. Europe now faces a constrained set of choices, where #autonomy is necessary but costly, and dependence is increasingly risky. At the same time, Europe is redefining its internal and external #boundaries. The issue also explores the transformation of #sovereignty and regulation through contributions by Alessandro Petti, as well as the future of European #finance and competitiveness with Elena Carletti, Brunella Bruno and Isabella Brancaccio. Economic strength alone is not enough. Europe’s competitiveness is constrained by how capital is allocated. Despite high levels of savings, the financial system struggles to channel resources into innovation and scale, limiting the growth of European firms and pushing many to seek funding abroad. Rosalba Famà shows how the #EUbudget is shifting from a redistributive tool to a strategic instrument. This reflects a broader shift: economic policy is becoming inseparable from geopolitical strategy. Nowhere is this more evident than in the digital domain. Gianmarco Ottaviano highlights Europe’s paradox: it lacks the technological giants of the US and the centralized control of China, yet it exerts global influence through regulation. The so-called “#BrusselsEffect” allows Europe to shape global standards, but without a stronger technological base, this regulatory power risks becoming insufficient. Andrea Colli’s analysis of #Cuba shows how access to critical raw materials links global power dynamics directly to strategic autonomy. Dependencies that once seemed peripheral are now central. The question is no longer whether Europe has the resources to remain relevant. It is whether it can integrate them. Read the new issue: https://www.unibocconi.it/en/magazine/2026/2 Subscribe to our channel ➤ @UniBocconi Visit our website: https://www.unibocconi.eu/ Follow our social media accounts: Instagram ➤ https://instagram.com/unibocconi/ TikTok➤ https://www.tiktok.com/@unibocconi LinkedIn ➤ https://linkedin.com/school/universita-bocconi/ Facebook ➤ https://facebook.com/unibocconi #Bocconi​ #BocconiUniversity​ #UniBocconi