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Europe's Real Problem Is A Loss of International Status

The euro-zone crisis is eroding Europe's geopolitical influence and compromising the European Union's negotiating position in international circles, European Commissioner for Economic and Monetary Affairs Olli Rehn said.

"In political decision-making involving global economic matters, such as in the G-20 and the IMF, we have constantly been on the receiving end because of the debt crisis," Mr. Rehn told a gathering of Finnish ambassadors in Helsinki on Wednesday. "At this rate, Europe's status in the global economy is weakening ominously."

The European economic crisis is mostly a crisis of confidence, he said, and the region can regain the confidence of the global community by acting as a team. "We can best reinforce confidence by giving the picture of a united European team," Mr. Rehn said. "European decision-making should be a confidence-building team sport, otherwise it will not accomplish anything, nor will it bear fruit."

--WSJ, Aug. 23rd, 2012