How the Georgian and the financial crisis stress the main difficulties and changes that the European Union is facing nowadays?

Résumé du document

The financial crisis that we are facing in the present scenario is said to be the worst since World War two or even since the great depression. We can't compare our situation to the one in 1929 but we have to be realistic that the crisis is a global issue. We are now far away from the German finance minister's declaration (Peer Steinbrück) who said last month that ''the credit crunch was an American matter''. The Former French President Valery Giscard D'estaing, in a recent interview for La tribune has said that '' it was unrealistic to find common solutions for 27 nations''. This statement can seem to be pessimistic knowing that it comes from someone who was the president of the Convention on the Future of the European Union that drafted the Treaty establishing a constitution for Europe. This example shows that the European Union is living a decisive period for it's future, some decisions have to be taken even if they are some oppositions and the only thing that we know is that those decisions can change the union.

Extraits

[...] The example of Sweden in the 1990s which has succeeded to react quickly with its failed banks is here useful for the whole Europe. As it was composed of only seven actors, the summit was organized in order to take decisions. The subjects were base on 15 points of different importance, for example the European rules concerning the security of deposits or the creation of supervisors for cross-border financial institutions. Then, some propositions were made in order to propose common measures. [...]

[...] This crisis has revealed some of the main difficulties of the European Union: how to react together, quickly without frustrations in any country. The European Union seems easily divided in these cases of difficulty the selfish nationalism is first. Then the means for the European Union to react , as far as money and institutions are , seems weak compared to the needs for the situations So we will see in a second part what are the conclusions to be remembered after this crisis. [...]

[...] To quote Mr Sarkozy For the first time history», plans drawn up by the EU have inspired the measures taken in other countries of the world, including the United States.» After those agreements the European Union asked for the organization of a global summit to discuss about the creation of a ''new form of capitalism, based on moral values, and the effective regulation and supervision of all corners of the financial world, including hedge funds and rating agencies''. Then the different actors of the debate have been able to make different propositions without ending on useless oppositions. For example, Jean-Claude Juncker of Luxembourg proposed to support important industrial sectors, such as European car makers, and not just banks. [...]

[...] Here could be a chance of a desirable action of the European Union; it can become the regulating power that the citizens want for their common market. After the virus that has hit the European economy the European Union could be the way to give more confidence to citizens and to show that a global economy can't remain only a random organization without clear rules. To underline the others achievements of the European Union in this crisis we have to underline the fact that it was really essential not to add a political crisis to the economical difficulties. [...]

[...] Once again, we see that the European Union will have difficulties to act as an international actor. Since the Iraq war, and the deep oppositions between the members, the Union suffers from a lack of credibility because of those divisions. The lack or the European is a true unity of actions, which would give credibility and more power to the Union. Then the Union has no military or strategic means to put a real pressure in case of troubles. That's why, the economical field is the core of it foreign politic: during the War the Russian stock exchange had some problems because of the oppositions of Europe. [...]