A new globalization in a new era

Qualifiers applicable to current seizure times seem to be running out. The G20 has referred to the “challenge and risk cascade” we are facing “constantly” (BIS), in a “fractured world”, “on the brink of collapse”, amid a “new cold war” environment, which, according to the IMF’s chief economist, is giving rise to a “new era” (Gourinchas). Tariff tensions, relaunched in 2025, influence previously initiated trends while also catalyzing and accelerating new scenarios. The combination of extensive technological changes, with artificial intelligence emerging as a major player, interacts with broad geopolitical challenges, while the implications for how globalization has operated in recent decades remain under review. International tensions occur alongside sociopolitical frictions within countries, alongside calls for a more active role for industrial and technological policies and other public policies. The article discusses these major vectors of ongoing change, concluding with reflections on Europe’s role, future scenarios, and challenges.