EU Press Releases:
Speech - The European Union in the New World Order
European Commission - SPEECH/14/612 21/09/2014
José Manuel Durão Barroso
Either we will shape the new world order, or we will suffer the consequences.
Change, in short, demands leadership as well as stronger legitimacy.
The first is the emergence of the G20.
This eventually led to the G20 in its current format, at heads of state or government level, and the hugely important effort to globalise the response to the crisis at that stage.
If the financial and economic crisis highlighted the unprecedented level of global interdependence, the fallout in Europe, in the form of a sovereign debt crisis, revealed not only an unprecedented but even an unexpected level of interdependence of the economies – namely but not only - of the euro area.
Differences between economies did not smoothly and automatically balance out, as some had expected or hoped before. And the asymmetry between integrated financial markets on the one hand and a financial stability architecture still nationally segmented on the other, proved untenable.
This is the new reality the crisis brought to light. And we, as a Union, have worked hard ever since to bring our rules, policies and institutions up to speed.
As the American TV journalist Hugh Downs once said, that 'to say my fate is not tied to your fate is like saying: your end of the boat is sinking.' And that could not be said during the crisis in Europe. We could not say 'it's only you, your country'. In fact, we saw how deep the interdependence of our economies is.
And not only in the European Union, we saw the effect it had in the markets elsewhere, from Tokyo to New York, when, for instance, there were problems with the Greek debt crisis that had a very important global impact.
Our economic attraction and geopolitical traction are fundamentally linked as well.
This is also what needs to be done to tackle the extremist and sectarian Islamic State movement. An international coalition of countries is needed to defeat an ideology that thrives in hate, bigotry and extremism. The danger of inaction and hesitation is too important to look aside. ISIS represents a threat to the whole international community, but more specifically, to the Arab and Muslim world. It needs to be defeated militarily but also politically. Countries in the region are essential to uproot this ideology.