A DEFINING MOMENT?

摘要

The crisis, as viewed from Brussels, is not only a financial and economic challenge but also a defining moment in the evolution of the European Union. In addition to all the questioning about markets, sustainability and the public interest, there is also a debate on the impact on the underlying rationale and structures of the EU itself and how they relate to broader international gatherings - notably the G-20.rnFor instance, there is the very practical challenge of making greater transnational cooperation on issues like regulation and supervision a reality. The EU's history is characterised, of course, by the coming together between national authorities and business interests and the establishment of an internal market of sorts. But it has also been characterised by political impasses as questions about national sovereignty have arisen. As the European parliament heads for elections in June, the main question is whether there will be any substantial change to this historical pattern. How cooperation on the EU front evolves will certainly influence Europeanrninvolvement in the G-20.