RAMALLAH, West Bank — For a while now I’ve wondered why there’s been no Third Intifada. That is, no third Palestinian uprising in the West Bank, the first of which helped to spur the Oslo peace process and the second of which — with more live ammunition from the Israeli side and suicide bombings from the Palestinian side — led to the breakdown of Oslo. You get many explanations from Palestinians: they’re too poor, too divided, too tired or that they realize these uprisings, in the end, did them more harm than good, especially the second. But being here, it’s obvious that a Third Intifada is underway. It’s the one that Israel always feared most — not an intifada with stones or suicide bombers, but one propelled by nonviolent resistance and economic boycott.

But this Third Intifada isn’t really led by Palestinians in Ramallah. It’s led by the European Union in Brussels and other opponents of the Israeli occupation of the West Bank across the globe. Regardless of origin, though, it’s becoming a real source of leverage for the Palestinians in their negotiations with Israel.

Secretary of State John Kerry was recently denounced by Israeli leaders for warning publicly that the boycott and campaign to delegitimize Israel will only get stronger if current peace talks fail. But Kerry is right.

Finance Minister Yair Lapid told Israel Army Radio on Monday that if no two-state solution is reached with the Palestinians, “it will hit the pocket of every Israeli.” Israel’s economy depends on technology and agricultural exports to Europe and on European investments in its high-tech industries. According to Lapid, even a limited boycott that curbed Israeli exports to Europe by 20 percent would cost Israel more than $5 billion a year and thousands of jobs. That’s why he added: “Israel won’t conduct its policy based on threats. But to pretend that the threats don’t exist, or that they’re not serious, or it’s not a process happening in front of us, is also not serious.”