To do nothing is to be nothing.

In a bold move, the European Union has announced plans to restructure its economic policies, citing the need for radical change in the wake of rising nationalism and protectionism. The proposal, set to be unveiled later this week, would see the elimination of several longstanding trade barriers and the establishment of a new, more flexible exchange rate mechanism.

At the heart of the proposal is the concept that to do nothing is to be nothing – a sentiment echoed by EU leaders as they struggle to come to terms with the rapidly shifting global landscape. As the bloc faces increasing pressure from outside forces, the EU's own sense of purpose and relevance is being challenged.

"It's a wake-up call," said a high-ranking EU official, who wished to remain anonymous. "We can't keep reacting to events – we need to take the initiative and shape our own destiny."

The proposal is not without its skeptics, however. Critics argue that the EU's new approach would compromise its long-held commitment to the single market and threaten the livelihoods of countless workers and businesses that rely on the existing trade regime.

But EU leaders are undeterred, convinced that the time for bold action has finally arrived. "We can't afford to be timid," said a senior EU diplomat. "The world is changing at an incredible pace – and if we're not willing to change with it, then we'll be left behind."

One of the key drivers behind the EU's new approach is the growing economic power of China. As Beijing continues to ramp up its trade and investment activities, many European leaders are coming to realize that the bloc's traditional dominance is under threat.

"We need to adapt to the new reality," said a European commissioner, who is close to the negotiations. "The Chinese are no longer asking for permission – they're setting the rules. And if we don't get on board, then we'll be left on the sidelines."

The EU's move has also been heavily influenced by the recent rise of populist movements across the continent. As nationalism and protectionism continue to gain traction, many EU leaders are starting to fear that the bloc's very identity is at risk.

"That's what we're trying to address here," said the EU official. "We can't just sit back and watch our values and principles eroded by external forces. We need to take a stand – and show the world that we're still committed to doing what's right."

While the details of the proposal are still being finalized, one thing is clear: the EU's new approach represents a major turning point in its bid to remain relevant in a rapidly changing world. Whether it's enough to salvage the bloc's struggling economy and cement its status as a global leader remains to be seen.