Europe must wake up, both politically and economically, as a relevant player in the world. This is the warning issued by the Círculo de Economía (Economic Circle) in the opinion piece marking its annual meeting, to be held in Barcelona between May 5 and 7. "The moment is grave, and Europe urgently needs to react," it warns. After a period of energy dependence and defense protection from the US, which have favored cheap energy and facilitated exports and international trade, we have reached a current world in which all of this has become "vulnerabilities," exacerbated by Donald Trump's rise to power in the world's leading power.