| Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here. The European Union has had no shortage of wake-up calls over the years. The euro crisis, Brexit, the pandemic, Russia’s multiple invasions, and the election — twice — of Donald Trump as US president have all posed challenges to the bloc’s coherence and durability. Each crisis is described as existential and met with bold promises. But rather than leap into action, European leaders have too often hit the snooze button. So far, the 27-nation EU has mostly gotten away with it. Soon, that may no longer be the case. Nationalist and populist forces in member states far bigger than perennial obstructionists Hungary and Slovakia are on the rise. Europe will increasingly find itself at the mercy of the US and China — and eventually unable to compete.  Serbian riot police clash with protesters in Belgrade on Aug. 14. Photographer: Marko Djokovic/AFP/Getty Images Take the EU’s trade agreement with the US. True, it’s the best the bloc could negotiate in the circumstances; the alternative would have been far worse for businesses, investment and jobs. Yet EU leaders set the tone when they decided they weren’t prepared to entertain serious countermeasures. The same pattern is emerging over Russia, with Trump repeatedly promising action but failing to deliver and Europe sitting on its hands. That’s despite the consequences being far graver than trade tariffs — last week’s incursion of drones into Polish airspace was but an appetizer. The first step to reaching tangible solutions is to recognize the problem. Some in Brussels understand this. But too many senior officials cling to the hope that Trump will come good or that a world based on common rules will return. Little wonder that citizens worry “governments have not grasped the gravity of the moment,” as former Italian premier Mario Draghi diagnosed this week. He was speaking on the anniversary of publication of his landmark report on addressing the bloc’s competitiveness. One year on, its recommendations remain largely unrealized. — Alberto Nardelli  A protest in London yesterday. Photographer: Chris J. Ratcliffe/Bloomberg | 
