Strategic Panorama 2009 - 2010 - IEEE

The global recession and its impact on international economic relations
measures taken by the ECB (which have placed it on the same level as the
Fed) and the willingness of the Union Member States to lead the transition
from the obsolete G-7/8 to the emerging G-20 have marked an awakening
for the European Union following years of passivity and defensive
positions in the international arena. Although the European countries are
obvious candidates for losing influence to the emerging powers both in the
reform of IMF quota and voting shares and in the replacement of the G-7/8
by the G-20, for the time being it is playing its hand shrewdly. France,
Germany, the United Kingdom, Italy and the rotating EU Presidency, which
are permanent members of the G-20, have now been joined by Spain
and the Netherlands, which have attended all the meetings held to date,
becoming de facto members of the group. What is more, the European
countries have succeeded in forging a common position at these forums,
which adds to that which they have already adopted in the WTO and in
combating climate change and poverty, where they have been presenting
ambitious initiatives and exercising leadership for years. Finally, as stated,
although the euro is not going to replace the dollar as a global reserve
currency in the medium term, its use following the crisis will merely increase,
which will also help strengthen the euro area and, accordingly, the
European Union.
All this is enabling the Union to export its values and way of understanding
the world to the institutions which will give shape to the new rules
of economic globalisation that will emerge following the crisis. But this
will not be an easy task. It should be remembered that, as Parag Khanna
provocatively points out, the European Union is the first «metro sexual»
superpower which uses soft power, its economic influence, its values
and persuasion (and not military power) to «sell» its model abroad. But in
order for it to be able to strengthen its international role in the post-crisis
world it is essential for it to be underpinned by a solid, consistent internal
position. And only if it overcomes its internal contradictions and manages
to maintain a common position and speak with a single voice in all the key
aspects of global governance will it have the chance to enjoy influence and
make substantive contributions.
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