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

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  1. What difficulties both crisis illustrate , and what were the direct reaction of the European Union ?
  2. Both crisis means deep transformations on the process of decision of the E.U and of its ambitions

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.

[...] That way of doing is the complete opposite of what was said of the European Union conservative and slow process of decisions). Those two crises could be the signal of the comeback of the politics in the union. By politics I mean: involvement of representatives, negotiations, legitimacy, transparency, accountability, debates, and nowadays personalization and culture of the emergency. To give another example of the change caused by the crisis, we can ask "Who would have imagined obtaining a consensus on the need to introduce more European regulation? [...]


[...] I would like to show in this short essay that both crises reveal the difficulty faced by the European Union to take decisions, and how the crisis stresses the change in the way decisions are taken. The crisis has cruelly stressed the institutional and political difficulties of the European project. But we have to study how this difficulties can result in a positive point for Europe, for example, with the common efforts to establish a rescue plan, or with the intent to build up a new world financial and monetary architecture. [...]


[...] I will call this step the time for collaboration and I have to say that it is the most interesting one as far as the European Union is concerned. The first collaboration happened when the US Federal Reserve, European Central Bank Bank of England, and the central banks of Canada, Sweden and Switzerland made emergency interest rate cuts of half a percentage point. The Fed cut its base lending rate to the ECB to and the Bank of England to But , we will focus more on the reaction as far as the European Union is concerned. [...]

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