European Union is in Crisis

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Polish President Lech Kaczynski and the Prime Minister Donald Tusk argue publicly over who should represent the biggest ex-communist European Union newcomer at the summit in Brussels on November 15 2008. Poland already in jeopardy to reject for adopting European Union legislation till end of 2008 regarding climate change unless changes were made to shield the coal-based Polish economy from the impact. The upcoming summit can be acrimonious affairs, with leaders from the twenty-seven countries often locking horns on budgetary spending, the political future of their bloc and even existential issues such as the definition of ‘Europe's identity'. However, Warsaw is tough talking was the exception if, the climate changes deal was adopted at this week's summit.

The unusual show of European Union unity in tackling the current financial turmoil. EU leaders used the Brussels gathering to call for a ‘Breton Woods II' summit of the Group of Eight (G8) countries to redesign the world's financial architecture. Gordon Brown, Britain's prime minister, said the world should turn the financial crisis into an opportunity and reform global institutions such as the International Monetary Fund, conceived in 1944 when western leaders met in Breton Woods, New Hampshire, and mapped out a post-war financial order. The United Kingdom is much under influence from Jew lobby. In addition, they are facing the cold war problem in which Russia, China and Iran is one side where as United States took India on his side. Other heavyweights including France and Germany immediately backed the British proposal, with French President Nicolas Sarkozy insisting that he wanted the "re-foundation of the international financial system."

However, if the European initiative will be accepted by the US although Congress has said it is in favors holding a G8 meeting before the end of this year, with the participation of developing economies such as China, India, Brazil, and South Africa. To get the ball rolling immediately, Sarkozy, as current president of the EU, will be in the US with European Commission President Jose Manuel Barroso on this Saturday. Europe's sudden burst of unity and energy in tackling the financial crisis in the last few days has led to an unusual self-congratulatory mood within the bloc.

It is clearly too early to proclaim victory in the battle to shore up confidence in global financial markets. Crucially also, recession is staring many European countries, including EU heavyweight Germany, in the face. But there is no doubt that after weeks spent either blaming the US for their financial woes or launching unilateral emergency measures to protect their own banks and depositors, EU governments are now embarked on a more ambitious and collective track. The role of crises internal and external in pushing forward EU integration cannot be denied. It was Europe's failure to act rapidly in the Balkans in the 1990s. In, addition the US-led war on terror in Afghanistan and Iraq that speeded up work on hammering out a common foreign and security policy. The above is giving the EU bloc a limited military dimension, distinct from the North Atlantic Treaty Organization. The Iraq conflict also prompted the EU to start work on a new constitution which would create the post of a first ever European foreign minister tasked with the job of ‘speaking for Europe' on the world stage.

Feroz Ahmed Bawany goal is to increase my knowledge and to understand the only civilized creations of Almighty Lord are HUMAN. He is a regular contributer to TRCB.com.

 

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