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Currently, we are faced with rising doubts about the EU’s economic relevance, its political meaning, and its role internationally. We are seeing some Member States question the merits of EU membership and – unprecedently - some candidate countries doing the same. These are concerns we need to take seriously, and fully engage with.
Nonetheless, despite what eurosceptics might try to claim, Europe still matters as much today as it ever did. Choosing to be part of the EU is about buying into a whole set of values. It is about choosing peace, freedom, security, justice and the rule of law. It is about choosing a free market economy underpinned by a unique social model.
Given the importance of both solidarity and diversity in our Union, the question that we now face is how to best balance the two – particularly in the face of the challenges that confront us today. For example, the economic crisis left no doubt that if we want to preserve our most important project to date – the EMU - then the eurozone needs to integrate further. Hence, we've seen eurozone members deepen the ties between their economic and budgetary policies through substantial new legislation and governance procedures. They have also decided to create a Banking Union, an ambitious but vital project that is progressing at full speed. At the same time, those outside the eurozone must not be marginalised or left behind. Nor should our Single Market be undermined.
What we need is an approach which supports the more ambitious Member States, while respecting those that need more time to come on board. We need a "fast lane" for Member States that want to integrate more quickly, while always leaving the door open for others to join later. In fact, it would be an effective way to ensure that, on one hand, we preserve our united values and policies, while on the other hand, we alleviate current tensions arising from different national needs.
On a global level, the EU is the world's biggest trading power. Despite the fact that we make up only 7 per cent of the global population, we account for 20 per cent of imports and exports. The EU is also the world's primary donor in terms of development aid - more than half of all money spent on developing countries comes from the EU and its Member States.
To conclude, Europe is at a crossroad – but this can be a good thing.