Global crisis—European options

The current decline of superpower hegemony, which is seen as a crucial component in the so‐called global crisis, makes it pertinent again to raise the issue of regionalization as a possible path towards a more stable world order. This process contains two dimensions: hegemonic decline creating a room‐for‐maneuver for various world regions, and the growth of a regional identity, a new form of collective consciousness making regions political subjects rather than objects. The paper discusses the future role of Europe from that perspective. The first part discusses the global crisis and the way Europe—East and West—is affected by it. Among various theories of crisis, emphasis is put on hegemonic decline. The second part analyzes development options in Western Europe in terms of ‘social projects’, in particular focusing on the role of Europe as an autonomous global actor. The third part looks at reform politics in the Soviet Union and Eastern Europe from a similar perspective. Finally a regionalization scenario with Europe as the main actor is outlined.