European crisis affects the world as a whole: EU envoy
The recent crisis in the European Union is having a far-reaching impact, not just in Europe, but for the world in general, said Ambassador William Hanna yesterday.
"The EU is Bangladesh's biggest single market, taking over half of Bangladesh exports," Hanna said who leads the Delegation of the European Union to Bangladesh.
Addressing the students of Dhaka University's international relations department on the future of the European Union, he touched upon three main areas of post-war Europe and integration for peace and prosperity.
The envoy explained to the students that the EU has developed over the last 50 years in a pragmatic step-by-step way.
He said the current crisis could be seen as an opportunity to address structural problems, notably the need for fiscal union, which have been neglected in the past.
Ambassador Hanna informed the students that this year EU member states have adopted a package of fiscal measures to restore sound public finances.
The European financial stability facility is expected to be replaced by the European stability mechanism in July 2012, which will be able to lend up to Euro 500 billion to countries asking for financial assistance.
He said three European supervisory authorities have been created for the regulation of the financial system.
"These are strong measures, which would have been unthinkable just a few years ago," he added.
Hanna reminded that EU integration has "not been made all at once, or according to a single plan".
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