But the silence of European leaders on such an initiative meant that it fell to the Canadian prime minister, Mark Carney, to articulate the idea at the World Economic Forum in Davos. What should the EU do now, then? There is one thing that it should avoid at all costs. It would be suicidal if the union’s already limited authority were to be reduced further, as some are asking for. The first victims of such a move would be the single market and competitiveness.