It seems to be tempting to look at the EU as a global player equal to the U.S. and China. However, it is definitely not the case. Martin Sandbu is right that the EU’s most promising tools may not be suited for geopolitical strategy /FT, 3 December 2020/.
The EU has been weakening since the introduction of the euro due to the Northern/Southern economic divide of the Eurozone.
The EU should face the huge internal weaknesses within itself. Further European integration needs sweeping structural reforms in all member states in nearly all economic policy areas from taxation to labor markets and from digital transformation to AI.
Also, the EU badly needs really huge joint endeavors to invest in a socially and environmentally sustainable future.
Governor Matolcsy, MNB, the Central Bank of Hungary