In the new institutional cycle, the European Union is facing unprecedented challenges. This report studies and analyses some of the most outstanding aspects such as competitiveness and reindustrialisation in the light of competition from the USA and China; the transition to a decarbonised Europe; the need to defensively strengthen the Union and its foreign action; the migratory issue; the European social pillar or the rule of law. All this comes within a complex geopolitical context that helps to approach structural reforms to renewed institutions such as the European Parliament and the European Commission, where more conservative positions have thrived.