The European Football Championship is now under way across 11 cities. The matches are being played amid the jeopardy of the Covid-19 pandemic, but they have been influenced just as much by a crisis that gripped the continent more than a decade ago.
Spiralling European sovereign debt levels in 2008, triggered by the shock of the global financial crisis, resulted in some €750 billion (almost $910bn) being required by nations in assistance. Interestingly, that is the same figure that has been discussed more recently for Europe's post-Covid recovery plan.
That turbulent period more than 10 years ago was perhaps the first serious challenge to globalisation and the integration of economies that had helped spur new generations to wealth across the world, in particular in Asia.
Lowering barriers to trade and investment had supported economic growth, but it had also created systemic risk at an unprecedented scale. When the sub-prime mortgage crisis hit in the US, it triggered the equivalent of a financial tsunami that swept the globe. In such a scenario, the argument for spending billions to host a sporting event became distinctly less compelling.
Michel Platini, then president of Uefa, the European football association, understood this when he was trying to secure host countries for future tournaments. He came up with what he himself described as a "zany" solution. Rather than find one host for the 2020 tournament, Uefa would explore having multiple venues, up to 13 in fact. In effect, Platini was doubling down on the principles of globalisation, even as its very foundations were being tested and found wanting.
Two years ago, still defending his strategy, he reportedly said that “football does not exist only in France, in England or in Italy, it must exist everywhere”. That is a mantra for a globalist, if there ever was one. You could imagine the same words being said by the chief executive of any corporation in the world with ambitions to be in every market.
Such ambitions seemed achievable about 15 years ago, desirable even, given the benefits of lowering costs and lifting levels of quality. Today, successive crises, including the pandemic, have shown us that it might not be healthy to be in too many places. Ultimately, it may not even be that profitable.
Allowing homogeneity to spread unchecked undermines the in-built resilience and sustainability that can be found in local supply chains.
The Stadio Olimpico in Rome will host the first match of Euro 2020. Getty
Baku's Olympic Stadium. Getty
The St Petersburg Stadium is another venue for Euro 2020. Getty
The Parken Stadium in Copenhagen, Denmark. EPA
The Johan Cruijff Arena in Amsterdam, Netherlands. Getty
The National Arena stadium in Bucharest. AFP
Wembley Stadium in London will host the semi-finals and the final of Euro 2020. AFP
Hampden Park in Glasgow. AFP
Estadio La Cartuja de Sevilla in Spain. Reuters
The Allianz Arena, Munich. Reuters
The Puskas Arena n Budapest, Hungary. Reuters
Then Uefa president Michel Platini with the European Championship trophy in 2014. PA Wire
At the heart of Platini’s sales pitch was the argument that spreading Euro 2020’s 51 games in 31 days all over the continent – from Glasgow to Baku, Rome and Saint Petersburg – would make it easier for countries to come up with the funds required to be part of a showpiece that would draw a global audience. “Why should one or two host countries be obliged to build 10 stadiums, airports, et cetera? Here, there’ll be one stadium per country, per city, across Europe. It would be a lot simpler and cheaper," AFP reported Platini as saying in December 2012.
One former Fifa official observed at the time, however: "This is not what’s best for the tournament. It’s a choice imposed by the economic situation."
It was also formulated in an era when the EU had expanded to include 27 member states and there had been a boom in global air travel. It may have seemed ideal circumstances for a championship to be held on an unprecedented geographical scale. "In these days of cheap travel, anything is possible," Platini pointedly said in June 2012.
His successor as Uefa president, Aleksander Ceferin, inherited Platini's legacy. But he told The New York Times in May that he would not support a similar format again. It was complicated to pull off even before the pandemic hit, he said.
Also, Uefa is projecting that its earnings from the tournament will be at least €300 million less than forecast with fewer fans able to attend. Spreading the financial burden of hosting the tournament also spreads the risk – should something not go as planned. This is the inherent weakness of globalisation: it only works well when things are going well.
A woman protests outside the 2020 Tokyo Olympic Games HQ to demand the cancellation of the event. Reuters
The risk from pandemics makes the traditional scale of sporting occasions obsolete
Of course, there is no reason to suggest having a single host country for Euro 2020 would have been a better solution – the debate raging in Japan over the Olympics taking place in Tokyo next month is instructive. Rather, it is worth examining if the era of global sporting events, as we have known them, is drawing to a close.
The risk from pandemics, as well as a wider acknowledgment that we must find more sustainable solutions for society, makes the traditional scale of these sporting occasions – as wonderful as they usually prove to be – obsolete.
It will be difficult for Uefa and other organisations that run their respective sports to chart a different path. But for the sake of future spectacles and the compelling drama of competition, we need to place more emphasis on staging local rather than global competitions.
Perhaps rethinking how we manage sport might also offer some much-needed productive thoughts on how to make sure that, in this post-pandemic era of globalisation, as many people as possible feel like winners.
Mustafa Alrawi is an assistant editor-in-chief at The National
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
How to apply for a drone permit
Individuals must register on UAE Drone app or website using their UAE Pass
Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
Upload the training certificate from a centre accredited by the GCAA
Submit their request
What are the regulations?
Fly it within visual line of sight
Never over populated areas
Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
Users must avoid flying over restricted areas listed on the UAE Drone app
Only fly the drone during the day, and never at night
Should have a live feed of the drone flight
Drones must weigh 5 kg or less
THE BIO
Ms Davison came to Dubai from Kerala after her marriage in 1996 when she was 21-years-old
Since 2001, Ms Davison has worked at many affordable schools such as Our Own English High School in Sharjah, and The Apple International School and Amled School in Dubai
Favourite Book: The Alchemist
Favourite quote: Failing to prepare is preparing to fail
Favourite place to Travel to: Vienna
Favourite cuisine: Italian food
Favourite Movie : Scent of a Woman
Company name: Play:Date
Launched: March 2017 on UAE Mother’s Day
Founder: Shamim Kassibawi
Based: Dubai with operations in the UAE and US
Sector: Tech
Size: 20 employees
Stage of funding: Seed
Investors: Three founders (two silent co-founders) and one venture capital fund
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
Wimbledon order of play on Saturday, July 8
All times UAE ( 4 GMT)
Centre Court (4pm)
Agnieszka Radwanska (9) v Timea Bacsinszky (19)
Ernests Gulbis v Novak Djokovic (2)
Mischa Zverev (27) v Roger Federer (3)
Court 1 (4pm)
Milos Raonic (6) v Albert Ramos-Vinolas (25)
Anett Kontaveit v Caroline Wozniacki (5)
Dominic Thiem (8) v Jared Donaldson
Court 2 (2.30pm)
Sorana Cirstea v Garbine Muguruza (14)
To finish: Sam Querrey (24) leads Jo-Wilfried Tsonga (12) 6-2, 3-6, 7-6, 1-6, 6-5
Angelique Kerber (1) v Shelby Rogers
Sebastian Ofner v Alexander Zverev (10)
Court 3 (2.30pm)
Grigor Dimitrov (13) v Dudi Sela
Alison Riske v Coco Vandeweghe (24)
David Ferrer v Tomas Berdych (11)
Court 12 (2.30pm)
Polona Hercog v Svetlana Kuznetsova (7)
Gael Monfils (15) v Adrian Mannarino
Court 18 (2.30pm)
Magdalena Rybarikova v Lesia Tsurenko
Petra Martic v Zarina Diyas
The specs
Engine: 2.0-litre 4-cylinder turbo
Power: 258hp from 5,000-6,500rpm
Torque: 400Nm from 1,550-4,000rpm
Transmission: Eight-speed auto
Fuel consumption: 6.1L/100km
Price: from Dh362,500
On sale: now
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
The specs
Engine: 0.8-litre four cylinder
Power: 70bhp
Torque: 66Nm
Transmission: four-speed manual
Price: $1,075 new in 1967, now valued at $40,000
On sale: Models from 1966 to 1970
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”