Using the lens of economics, institutions OR culture, will Europe ‘run the 21st century’? Why or Why not?

Prompt: For some, the EU not only provides a template for international relations (e.g., Leonard), but also remains a force within international politics given the Single European Market and European Monetary Union (e.g., Reid). For others, current crises exacerbate internal problems which threaten the EU’s existence, requiring it to “reform or decline” (e.g., Alesina and Giavazzi) in a world where the EU is increasingly dependent (at least militarily) on the United States (e.g., Kagan). Using the lens of economics, institutions OR culture, will Europe ‘run the 21st century’? Why or Why not?