European leaders and analysts have emphasized the need for greater unity to navigate mounting economic pressures, including U.S. trade tariffs, rising debt levels, and the expanding dominance of big tech firms. These issues were the focus of a high-profile conference in Rome, hosted by LUISS University, which featured prominent figures such as former Italian Prime Ministers Mario Monti and Giuliano Amato, Finance Minister Giancarlo Giorgetti, and European Commission Vice-President Raffaele Fitto.
The conference, titled “Governing Europe and Italy in the Age of Donald Trump,” addressed Europe’s response to the latest U.S. tariff measures. Earlier this month, President Trump announced a 25-percent tariff on aluminum, steel, and related imports, with further measures expected to take effect in April. In response, the European Union initially planned retaliatory tariffs but postponed them to allow time for negotiations.
Economics professor Pietro Reichlin highlighted the difficulties posed by Washington’s unpredictable trade policies, stressing that a better understanding of U.S. objectives is crucial for productive talks. He pointed to the EU’s surplus in goods and the U.S.’s strengths in services and energy as key areas for negotiation.
The discussion also covered Europe’s increasing debt burden. According to Eurostat, the EU’s average debt-to-GDP ratio stood at 81.6% in the third quarter of 2024, while the eurozone’s figure reached 88.1%. Italy’s debt soared to 136.3%, second only to Greece. Finance Minister Giorgetti warned that ballooning debt, coupled with the growing power of tech giants like Google and artificial intelligence firms, is limiting policymakers’ ability to respond effectively to economic challenges.
Monti, who led Italy during the global sovereign debt crisis, underscored the importance of European unity in addressing these issues. “What we are seeing today is not the only time Europe has faced big challenges,” he said. “But we must act together to confront the current ones.”
With the EU balancing external trade pressures, internal economic strains, and the rising influence of big tech, speakers at the conference agreed that strengthening cohesion and strategic partnerships is essential for securing Europe’s future economic stability.
