Bad times ahead

摘要

Few governments enjoy recessions. But the looming one poses a special threat to the European Union-a group of countries held together by overlapping pacts of solidarity. In the eu, solidarity is guaranteed by law, rhetoric and plenty of money. Take away the money, and it can start to look awfully fragile.rnOver the decades European solidarity has achieved many good things: the creation of the single market and enlargement to the south and east among them. Now 27 countries share a union based on the rule of law, open borders and the free movement of people, goods and capital, and 15 share a currency. To make it all work, poorer countries receive hefty aid in exchange for opening their markets to their richer neighbours. The prospect of new markets reconciles old Europe to cheaper competition from newcomers. Rules limiting state aid ensure a level playing-field. And Europe also offers a more nebulous pact of solidarity between rulers and ruled. This is based on a "social model" that may not offer the same prospects of getting rich as the American model, but promises to soften the sharp edges of globalisation.