65 Aylin Yardımcı* RETHINKING THE EUROPEAN UNION’S ECONOMIC RELATIONS WITH THE MEDITERRANEAN: A HISTORICAL OPPORTUNITY The article aims to provide an analysis of the current state of the European Union’s relations with the Mediterranean from a political economy perspec- tive, and elaborates on the implications of the “Arab Spring” for the future of the European Union. After a brief history of the failure of the Barcelona Pro- cess, the first section discusses the main reasons why the political transfor- mation in the southern Mediterranean presents a historical opportunity for the European Union to secure a stable future. The second section outlines the most immediate remedies for the recovery of Euro-Mediterranean relations. * Aylin Yardımcı recently obtained her M.Sc. degree at the London School of Economics, European Institute and is an Assistant Project Officer at the Turkish Economic and Social Studies Foundation (TESEV).