Op-Ed Contributors

EU may find a way out even this time

By Zheng Xiwen (China Daily)
Updated: 2010-06-24 07:39

Europe is currently shrouded in the dark cloud of debt. The crisis, which encompasses financial, economic and political sectors, is widely viewed as the most severe in 53 years of European integration. This has once again cast doubts over the workability of the European Union (EU).

Can the EU pull through this time?

The debt crisis has dragged the EU into deep waters with hidden reefs. Financial and economic difficulties, escalating social conflicts, lack of institutional constructions, defects in development patterns are but a few of the troubles the EU now faces. Some people are even worried that the EU may have met its Waterloo ironically in the course of integration.

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Though the crisis could deepen and spread further, the situation is not grave enough to write an "elegy" on EU integration. European integration has deep cultural roots. Europe has never been united after the disintegration of the Roman Empire in 476 AD. But throughout European modern history, it never abandoned the pursuit of self-enhancement through reunited. As Victor Hugo said: "Some day, sooner or later, all the European countries, without losing their own characteristics and shining personalities, will be tightly integrated into one at a higher level."

The idea of federalism germinated in Europe in the 18th century, and over nearly three centuries it has become deeply imprinted in the hearts and minds of the people of the continent. This is the fundamental reason why the process of European integration never died despite constant crises and setbacks.

Aside from the cultural roots, European countries' seeking integration also have a strong base in reality. To be fair, it was not easy for Europe to go that far. European countries are becoming increasingly aware of the fact that only further integration can help Europe find a better seat on the world stage in the 21st century and meet the interests of its member countries in the best way possible. Europeans are not willing to go back to the days when member countries competitively devalued their currencies before the birth of euro.

The death of the single market would benefit no one. None of the 27 countries will be more influential if the EU splits. Not long ago, as a major effort to address the debt crisis, the EU, with the International Monetary Fund, launched a mixed aid program worth of 750 billion euros. This is a clear signal of the EU's determination, through which its people see hope.

Instead of cracking the EU, the debt crisis, if properly handled, could even create new opportunities for the union. The crisis has prompted the EU to further reflect on its development, to be better motivated to strengthen internal coordination, perfect its mechanism and readjust its economic structure. All this will facilitate the creation of an "economic government" and realization of other goals.