Contributor(s): Dr Jaimini Bhagwati, Professor Mary Kaldor, Mark Leonard | Since the last European Security Strategy when Western hegemony seemed unassailable, Europe has lost both hard and soft power because of the euro crisis. Should Europe simply retire from global governance? Or are there assets on which it can draw in order to play an influential role as a new world order emerges?’ Dr Jaimini Bhagwati, is the high commissioner of India to the United Kingdom. Mary Kaldor is professor of global governance and director of the Civil Society and Human Security Research Unit, LSE. Mark Leonard is co-founder and director of the European Council on Foreign Relations (ECFR).