The European Union spring summit, which ended?in Brussels?on Friday, called again on member states to act together to deal with the financial and economic crisis with rules of the European single market in mind.
As a positive signal of mutual trust and solidarity, the EU leaders decided to help Central and Eastern European members out of their financial and economic predicament by doubling the ceiling of the EU's medium-term financial aid facility, or the crisis fund, to 50 billion euros (63.5 billion US dollars).
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European Commission President Jose Manuel Barroso, Britain's Prime Minister Gordon Brown and Dutch Prime Minister Jan Peter Balkenende talk on the last day of a two-day EU leaders summit in Brussels March 20, 2009.[Xinhua] |
In the absence of a central government, mutual trust and responsibility are the basis for cooperation.
The EU, a regional organization with a budget of only 1.0 percent of member states' overall gross domestic product, owed its past achievements in integration and other areas to mutual trust and cooperation among its members.
The introduction of a 200-billion-euro (254-billion-dollars) European Economic Recovery Plan by the European Commission, the executive arm of the EU, was another example of solidarity.
At the onset of the global crisis, member states, especially the rich members in Western Europe, rushed to their own rescue, ignoring the rules of internal market. Some even planned to resort to protectionism.
Yet, they have got nowhere, but only ended up in rows and division.
However, when they chose to share weal and woe, they have managed to save struggling banks, upholstered troubled enterprises and partially restored shattered market confidence.
Facing a very difficult year in 2009, the EU has improved to some extent the financial situation and restored confidence by acting in conformity. Things would continue to improve if they stick to cooperation.
The example of the EU is a mirror to the rest of the world.
No country can be spared of the crisis nor can it turn the tide by itself in a time of globalization. Countries must commit themselves to mutual trust and new rules while bearing their common interests in mind.
The upcoming G20 summit in London is expected to come up with some new rules to regulate the international financial sector and reform the global financial system.
It is expected to offer an opportunity for the countries concerned to join hands and respond effectively to the financial and economic foe.
Crises, either financial or economic, are probably inevitable in the course of world economic development. But formidable as they are, they will be overcome with concerted efforts, confidence, responsibility and proper rules.
(Xinhua News Agency March 23, 2009)