The crisis that we face is not just an economic crisis. It is a crisis for the values of our societies.
At the G-20 summit in Pittsburgh this week, world leaders must respond by demonstrating our commitment to a greener, more ethical, more equitable, and better-balanced world economy.
This "new globalization" requires global governance, based on universal human values and reflecting the reality of economic interdependence. The G-20 gives us the chance to shape globalization. The chance to develop a sustainable model to replace the one brought to its knees by the failure of financial markets.
Europe has a lot to offer as we develop this new global architecture. For 60 years we have been a laboratory for cross-border supranational cooperation. The European model of society strives to surpass the destructive dichotomy of unregulated markets and overpowerful states.
In Europe, before each G-20 meeting, European Union leaders have publicly adopted a clear and united position. We have sought to build partnership, further cementing the ever-closer transatlantic relationship and our rapidly developing links with emerging nations.
We cannot and should not seek to stop globalization. It has created enormous wealth and pulled much of the world out of poverty. Business dealings and cultural exchange have replaced isolationism and mistrust.
Previous economic crises have led to rampant protectionism – and, at worst, to conflicts that have killed tens of millions. This time, in the globalized age, we are working together around the table rather than facing one another on the battlefield.
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