The hardships brought about by Covid and the Ukraine war initially fostered political unity across Europe. In this article however, I will argue that fragmentation may soon regain prominence as liquidity diminishes, labor markets weaken, and governments face the need to implement tighter fiscal policies. These circumstances create a fertile ground for the resurgence of the zero-sum debtor/creditor conflict that characterized the 2010s.

In stark contrast to the recent years’ accomplishments on the European political scene, the sovereign debt crisis of the 2010s remains a haunting memory. The swift transformation from a fragmented Europe, divided by regional blocs and national interests, to a (partially) united supranational entity with cohesive (and somewhat successful) policy responses to a global pandemic and a devastating war on the continent took many by surprise, considering the challenges faced during the 2010s.