What will happen if Europe does not change?

If Eu rope’s institutions and functioning are not changed, six negative and dangerous consequences should be expected: L iving standards will become increasingly heterogeneous between the countries; The tax burden and social standards will be undermined by a race to the bottom; Europe will be technologically dependent on the United States and China; The labour market will continue to polarise and the middle class will continue to disappear ; European savings will finance the rest of the world, in particular the United States; The euro will play a reduced reserve currency role.