GENEVA, Switzerland — Every historical period is defined by its own challenges. After World War II, Europe had to find a way to end the recurring and relatively independent crises linked to market cycles, domestic politics and great-power competition that had torn it apart for decades. It met this challenge by building stable nation-states and effective welfare systems in a context of strong European and international frameworks.

Since the turn of the century, Europe has been confronting a new challenge: responding to a highly complex polycrisis, made up of a broad set of interlinked crises. Many of these crises could, on their own, prove catastrophic, owing to self-reinforcing and cumulative processes, such as climate-change tipping points and the snowball effect of public debt.

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