It is becoming clear that the roots of the euro crisis are political rather than economic. The 2008 financial meltdown may well give birth to one of the great moments of political realignment where mainstream parties are being pushed to the sidelines and parties that used to skulk on the fringes are dominating the agenda.
Europeans are strongly in favor of global governance when it is a process they inflict on others, but they are not so keen when others comment on Europe’s affairs. So, is Europe losing its religion on multilateralism?
The elitist and technocractic nature of German politics means that the case for European integration is not being made to the German people. Worryingly this is also giving an opportunity for anti-EU populists to gain influence.
One of the big stories of the last 60 years has been the creation of a European-inspired legal order in the shell of an American security order. This is often called the Western liberal order – and I think that the biggest global risk is the threat to that order.
Bo Xilai, a colourful politician who brought prosperity to a Chinese backwater, was too ambitious for the Politburo's grey men.
Unlike saving the euro, saving CSDP and building Europe's shared defence and security capacity need not cost a cent. It would also be invaluable in helping the EU develop as a serious foreign policy actor.
The actions of Britain's coalition government are making it more likely that we will see the EU disintegrate, leaving behind a saved Eurozone that marginalises all those outside it – including Britain itself.
The European Union has a vital role to play in helping consolidate the transitions of the Arab Spring. But first they need to rethink their approach and develop a new foreign policy for the Southern neighbourhood: Enlargement lite will not work.
The upheavels in North Africa are further evidence that the EU's neighbourhood has fundamentally changed, both to the south and to the east. In response, the EU needs to develop a real foreign policy to deal with this increasingly competitive region.
Despite the fashionable talk about BRICS and the G2 of Washington and Beijing, we really now live in a G3 world that combines US military power and consumption, Chinese capital and labour, and European rules and technology.