The phenomenon of global interdependence began to be widely observed not without astonishment in the early 1970s of the 20th century, although it had been present much earlier reaching the beginnings of colonial era. Global interdependence, as well as European integration process started in the area of economy and, to some extent, still exist mainly on the level of economic cooperation. It is widely known that the role of the European Union as an international actor has grown, however it has to be admitted that Europe is not any more in the center of international focus. The emergence of a financial crisis in the United States revealed many issues the EU was not prepared for. However it had no choice but to face them and fail or succeed. Global interdependence turned out to be more significant than the EU expected, proving that the contemporary world is predominantly multipolar .
Results and major challenges of the EU in the post-crisis era
One of the greatest successes of the EU before the recession era were the enlargements of 2004 and 2007. This phenomenon, although some say too daring and causing a sort of “economic indigestion” in the EU , is a good example of management. Economic catching up in the new member states was a big success too, although presence of financial crisis will surely postpone next enlargements. Furthermore, it has to be admitted that the existence of the eurozone protected the EU’s integrity and single market, as it prevented currency turbulences. Thus, such countries as Denmark and Poland increase its interest in joining the eurozone. As emphasized by Roger Liddle, it is even believed that low inflation of the eurozone can actually lead the world out of the recession , so sustaining or enlarging the eurozone and single market will be essential not only for the EU.
However, it appears that during the debate on the Constitutional Treaty and the Lisbon Treaty the EU did not pay much attention to economic issues. Roger Liddle points out again that its biggest mistake was pondering over the EU’s effectiveness as a global actor instead of focusing on economy . It is believed that even the Treaty of Lisbon lacked appropriately specified or perhaps rather prioritized goals. Alan Mayhew claims there were probably not enough reforms on the EU budget that still low productivity sector, agriculture and poorer regions in rich countries, although new policies have emerged: climate change-related low-carbon economy, strengthening controls on migration at the common EU border, research and higher education, the EU’s neighborhood and external policy .
In the beginning the EU’s reaction to the crisis was rather complacent, as the Union considered it to be mainly an American, or Anglo-Saxon problem . This proved the lack of the EU’s readiness to take the responsibility of the global system and a bit of political distance as well. Thus, a variety of approaches towards market economy emerged in the EU. In spite...