Each new application for EU membership is a testament to the attractiveness of our community of values based on economic and political freedom, tolerance and the rule of law. The EU’s process of unification and pacification of a continent is unique and exemplary. Europe also has the potential to exercise soft power through its response to the crisis.
As I noted above, the “Washington consensus” has now been replaced by the Seoul Development Consensus for Shared Growth and a fundamental reappraisal of macroeconomic theory is underway. There is therefore a window of opportunity to enshrine new approaches to issues like ensuring sustainable growth and effective regulation of financial markets.