Where is Europe going? In this 2007 collection, several prominent European economists offer essays on the five big challenges to the development of the European Union (EU). Namely, the new European Constitution, European finances and the euro, the need to boost economic growth, competition in both new member states and countries further to the East, and the goal of forming a cooperative and productive relationship with countries on the European periphery. The book includes essays by Charles Wyplosz, who argues that enlargement and deepening are not substitutes but complements; Vito Tanzi who questions the Keynesian foundation of the Growth and Stability Pact; Daniel Gros, who criticises the achievements within the Lisbon Agenda, as well as essays by Anders Aslund, who claims that Russian and Ukrainian oligarchs differ little from US 'robber barons'. The final two chapters discuss the EU's European Neighbourhood Policy and long-term economic integration in Eurasia. Listed in the Economist Top 100 Books of 2007.

“A pantheon of economic thinkers grapples with the problems facing Europe. No longer about East vs. West or even rich vs. aspiring, the issue now is whether all of Europe can stay (relatively) rich while it ages. As the authors make clear, for really dealing with this complex problem and all its facets, it's much later than you think.” -- Simon Johnson, Sloan School of Management, MIT

“Enlargement has irreversibly transformed the European Union and this must lead to a rethinking of its principles and policies. Åslund and Dąbrowski offer analyses, ideas and proposals that cover a wide range of issues. This is a most welcome contribution to the debate on the course the new Europe should take in the years to come” -- Jean Pisani-Ferry, Director of Bruegel, Brussels

“This book discusses - in a profound and transparent way - many important topics, e.g. EU constitution, aging, fiscal rules, economic growth in the European countries. It usefully covers EU-IS, New Members as well as Eurasia.” -- Leszek Balcerowicz, President, National Bank of Poland