Much of the world’s political attention is currently focused on the US presidential election in November. In Europe, however, another very important transition of power is taking place in Brussels.

The annual party conference season in the UK is always a major part of the political year. However, this year’s conferences, which are akin to national political conventions in the US, are more important than most.

For much of the postwar era, Germany and France have been the twin motors of European integration. Yet, as the continent faces one of its potentially most challenging periods, there are possible crises brewing in both nations.

Geopolitics was not widely viewed as a key trigger for the turmoil in international financial markets this month. However, several potential political fissures might yet emerge in 2024, including in the Middle East, bringing greater economic disequilibrium in their wake.

There are major political differences between the Labour government that was elected on July 4 and its Conservative predecessor which gained power in May 2010. However, one common challenge that each faced on day one was that of a troubled economic inheritance.