Euro­pean In­te­gra­tion Faces Un­prece­dented Chal­lenges

China Today (English) - - CHINA WATCH -

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

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