Member states lacked the power to tackle the problems while at the same time, institutions at the European level to fill this gap were either missing or the working methods were inadequate for crisis management. We have made remarkable progress in enhancing the governance structures in Europe in 2012 and in closing the gap between power and politics.
As for the effects on Japan's economy, higher prices of international commodities would not only accelerate inflation but also increase the outflow of income, and this might put downward pressure on the economy.