European Integration Faces Unprecedented Challenges
international community. The coming decade will likely determine the success or failure of globalization in the 21st century. A serious analysis of the European integration process and the difficulties it encounters, therefore, is in order.
European integration has travelled a bumpy road over the 60 or so years since the establishment of the European Coal and Steel Community, which marked its beginning. All achievements since then have been hard-won. The core issue of advancing from regional integration to globalization lies in the contradiction between the upholding and at the same time partial transfer of national sovereignty. The creation of the euro exemplifies this conundrum. Currencies in the euro zone have been unified, so partially transferring sovereignty, but the fiscal policies of countries in the zone have not, so upholding national sovereignty. The problems and crises associated