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From Economic to Political Crisis: Challenges Facing a Post-2008 European Union by Gordon Bajnai published in Dialogue 2012 | 01 (Bertelsmann Stiftung)
The European Union is facing the biggest challenge of its 60-year history.The global financial crisis has highlighted its fragility, a consequence of thehalf-finished nature of European integration. For the first time in itsexistence, the European Union has to directly confront the two major forcesshaping the world of politics: markets and voters.The only viable solution to this crisis is to raise integration to the nextlevel. But that will require a transfer of additional sovereign competencesfrom areas most relevant to politics: fiscal, social and economic policies.This inevitable change will, in turn, pose a challenge to Europeandemocracy and governance.