The article aims to provide an analysis of the current state of the European Union’s relations with the Mediterranean from a political economy perspective, 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 Process, the first section discusses the main reasons why the political transformation 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.