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The elements of a Southern European transition — which some call a renewal while others go so far as to call a “re-invention” — are apparent, largely revolving around the cardinal concept of “openness”: what is needed is more open political systems, more open economies and job markets, more open attitudes toward other societies within and outside of Europe so as to bridge existing divides and addressing issues such as declining demographics. The conditions for these elements to be put in place, and the concrete steps to take in that direction, however, remain the subject of intense debate. This paper is an attempt to identify some of the key challenges and decision points that may appear along this path. The paper is based on discussions held at the seventh Mediterranean Strategy Group meeting, “The Future of Mediterranean Europe: Between the Euro Crisis and Arab Revolution,” on February 25-27, 2013.