Eurosceptic and far-right parties seize ground in elections to the European parliament, in what France's PM calls a "political earthquake".
Unfortunately, this will likely lead to a self-fulfilling prophecy of destruction. People are upset with the EU's function and logic, and so they send people who don't think the EU should be in existence to go run it. It's kind of like sending the Tea Party in to govern our society when they don't believe in government in the first place.
I suppose we'll get to see where this leads the EU and, indeed, the global economy. For sure, the EU would need to have more influence over individual states' budgets in order to have more functional economic system. However, I think they should have done more consulting with the individual societies first, rather than just unilaterally move in that direction.
For my part, I think the EU is a valuable economic and political institution that has, at least in part, created the longest lasting peace that Europe has ever experienced in most of its history. This then lays the ground work for economic growth and well being, prosperity is able to flourish when people aren't living in fear, being killed with resources not being destroyed. However, it's a question of collaboration with the states that's needed rather than an aristocratic or monarchical attitude, if the EU is going to regain traction (if it is going to regain traction after these elections in the first place).
This could be the death-knell for the EU in its present form. And, I think, that that would be massively disruptive to the world's economy and to our whole human society, should such a thing happen.
However, those are the consequences for failing to govern appropriately. You run the risk of destroying your faction and your institution in the light of common reality and public demand.
Think about it.