Authors Iain Begg | Gabriel Glöckler | Anke Hassel ... - The Europaeum

Putting a European “stamp” on the
new global financial architecture
Fourth, the current global reform agenda to reshape the regulatory
architecture of the world economy can only be effectively influenced by
the Europeans if they speak with a stronger voice, that is, with a single
voice. At a moment when the institutions of global economic governance
are being redesigned to take into account the rebalancing of the world
economy in favour of emerging markets, a cacophony from the European
side in discussions would condemn the EU to a spectator role that is not
commensurate with its economic weight, its political clout and the intrinsic
interests not just of the EU as a political entity, but of each of the Member
States individually. The G20 process launched by the Washington Summit
in November 2008 laid out a broad reform agenda, EU countries – and
particularly the euro area countries – now need to agree on a common
position to make sure this G20 negotiations stay on track and progress in
line with their preferences.
“More Europe” is here to stay
It is apparent that “more Europe” is the likely answer to the current
economic and financial crisis. And this answer can be expected to involve
– and indeed necessitate – structural institutional change. Of course,
whether or not the new quality of integration outcomes in Europe will
have a distinctly intergovernmental feel to it – i.e. a continuous and
dominant involvement of national authorities – or increasingly follow, in
the long run, the supranational route – with stronger central institutions
and majoritarian decision-making, remains to be seen. On this, the jury
is out. But whatever the outcome, the future is “more Europe”, not “less
Europe”.
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