The irony could hardly be greater – or more telling. On the occasion of the 60th anniversary of the European Union’s founding, in Rome where its original treaty was signed in 1957, the continent’s most decorated and essential institution plans to announce a new blueprint for its own future. This vision, though its details are still hazy, will veer away from the Rome Treaty’s stated aim of “ever closer union” between the community’s members – a goal that has guided the EU through six decades of peace and, largely, of prosperity, too.
The original force behind the notion of a politically and economically united Europe has brought the bulk of the continent far in the direction of a single entity, as its framers intended, but not far enough to finish the job. The idealism of the post-war decades has evaporated and with it the willingness to surrender sovereignty in order to reap the benefits of a war-free, stable, liberal order. Until a new motivating ideal is found, the Europeans must scale back their ambitions around a lesser consensus.
The fact that the EU’s leaders have acknowledged that the historic project is in deep crisis and needs fixing is an encouraging step in the right direction, and testimony to the extent of its troubles. The final straw was Brexit, the United Kingdom’s shocking vote last year to leave the EU, which its parliamentarians are now pursuing just as their electorate instructed. Brexit came on top of multiple crises, not least the rise of far right-wing political parties across the EU, whose euroscepticism is central to their platforms and wins them adherents by the armful. Interestingly, their critique of the EU is not entirely off base. They call it distant, undemocratic, unresponsive to its citizenry and bureaucratic. But their nationalist solutions – to abandon the project and, effectively, to return to a Europe of the 1930s, would surely only make matters worse.
The euro crisis, which still lingers in southern Europe, is emblematic of the union’s plight.
A full-fledged monetary union and common currency among sovereign states is possible. But, as just about any economist will tell you, for it to work there has to be a very high degree of integration between its constituent economies. Most of the Eurozone members baulk at such a radical handover of traditional state powers, but are unwilling to forgo the obvious advantages of monetary union: a seamless single market boasting currency stability, exchange-free tourism, low interest rates and prestige on the world stage.
Like the euro, the EU is caught in the middle of a citizenry that craves the benefits of its membership but is unwilling to pay its full price.
This is why the EU’s leaders, a group dominated by the Rome Treaty’s founding signatories Germany, France, Italy, Belgium, the Netherlands and Luxembourg, propose some version of “multispeed Europe” that openly acknowledges that some countries want to integrate more closely than others on a given issue. It’s also called “Europe a la carte” and is not a new idea. For years, there has been such distinctions in the EU. For example, with the Eurozone, which 17 countries out of the EU’s 28 (27 once the UK actually leaves) belong to. This “Europe of concentric circles” will remove the straightjacket of consensus that makes progress on so many issues today virtually impossible.
But the admission that this modus Vivendi will be the rule and not the exception, as is currently the case, implies a very different EU than envisioned in the Rome Treaty. Now there will be two tiers: those out in front and those left behind. The same smaller countries, such as Poland and Hungary, that are profoundly unhappy with the dominance of the larger, western European countries, will have even less of a say than they do now. Their veto power on key issues will disappear and with it the formal equality between all members. The EU’s glaring democracy deficit will yawn wider. With the multispeed EU, Europe’s fissures will grow into permanent divisions, possibly making the EU less, not more, attractive to its discontents.
And this kind of tinkering – foremost a path of least resistance – will not have any remedial impact on the euro’s problems. The monetary union will remain neither fish nor fowl: neither a real monetary union nor a big free-trade zone. Until it makes up its mind, the next eurocrisis is right around the corner.
Indeed, the European project needs more than a new form, it needs a new purpose, an idea that rallies people behind it. One intriguing political utopia is that of a European Republic, espoused most eloquently by the German-French EU expert Ulrike Guerot. The republic means tearing down the EU as we know it and rebuilding from the bottom up.
But for this magnitude of undertaking Europe’s current politicos are too small and limited. They understand that the EU is at a crossroads but they’re unwilling to rebuild it in a way that will take it another 60 years into the future.
Paul Hockenos is the author of the forthcoming Berlin Calling: A Story of Anarchy, Music, the Wall and the Birth of the New Berlin
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
SPECS
%3Cp%3E%3Cstrong%3EEngine%3C%2Fstrong%3E%3A%202-litre%20direct%20injection%20turbo%20%0D%3Cbr%3E%3Cstrong%3ETransmission%3C%2Fstrong%3E%3A%207-speed%20automatic%20%0D%3Cbr%3E%3Cstrong%3EPower%3C%2Fstrong%3E%3A%20261hp%20%0D%3Cbr%3E%3Cstrong%3ETorque%3C%2Fstrong%3E%3A%20400Nm%20%0D%3Cbr%3E%3Cstrong%3EPrice%3C%2Fstrong%3E%3A%20From%20Dh134%2C999%26nbsp%3B%3C%2Fp%3E%0A
RedCrow Intelligence Company Profile
Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
UAE currency: the story behind the money in your pockets
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
RESULTS
1.45pm: Maiden Dh75,000 1,400m
Winner: Dirilis Ertugrul, Fabrice Veron (jockey), Ismail Mohammed (trainer)
2.15pm: Handicap Dh90,000 1,400m
Winner: Kidd Malibu, Sandro Paiva, Musabah Al Muhairi
2.45pm: Maiden Dh75,000 1,000m
Winner: Raakezz, Tadhg O’Shea, Nicholas Bachalard
3.15pm: Handicap Dh105,000 1,200m
Winner: Au Couer, Sean Kirrane, Satish Seemar
3.45pm: Maiden Dh75,000 1,600m
Winner: Rayig, Pat Dobbs, Doug Watson
4.15pm: Handicap Dh105,000 1,600m
Winner: Chiefdom, Royston Ffrench, Salem bin Ghadayer
4.45pm: Handicap Dh80,000 1,800m
Winner: King’s Shadow, Richard Mullen, Satish Seemar
What is graphene?
Graphene is extracted from graphite and is made up of pure carbon.
It is 200 times more resistant than steel and five times lighter than aluminum.
It conducts electricity better than any other material at room temperature.
It is thought that graphene could boost the useful life of batteries by 10 per cent.
Graphene can also detect cancer cells in the early stages of the disease.
The material was first discovered when Andre Geim and Konstantin Novoselov were 'playing' with graphite at the University of Manchester in 2004.
SERIE A FIXTURES
Friday Sassuolo v Torino (Kick-off 10.45pm UAE)
Saturday Atalanta v Sampdoria (5pm),
Genoa v Inter Milan (8pm),
Lazio v Bologna (10.45pm)
Sunday Cagliari v Crotone (3.30pm)
Benevento v Napoli (6pm)
Parma v Spezia (6pm)
Fiorentina v Udinese (9pm)
Juventus v Hellas Verona (11.45pm)
Monday AC Milan v AS Roma (11.45pm)
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 Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5