Brussels summit may help transform European debt crisis into chance

This weekend's summit in Brussels is widely expected to be decisive in solving the eurozone debt crisis, with the European Union (EU) and eurozone governments making last-ditch efforts to come up with a solution. With the deadline fast approaching, EU leaders are desperately trying to find a cure for this destructive crisis, which has already infected Europe as a whole and is now threatening the world beyond. Agreement on bank recapitalization, further debt relief for defaulting Greece and a strengthening of budget discipline as well as a mechanism reform are due to be reached at the summit. However, curing ailing Europe has proven to be an arduous and time-consuming task. With Germany and France still at odds over issues like how to incease the firepower of the eurozone's bailout fund, the two countries' power struggle is proving counterproductive to the summit's success. Germany, France and the remaining European countries are being urged by the global community to assume their responsibilities and strengthen their determination to solve the crisis. As the two strongest member nations of the eurozone, Germany and France should put aside their differences and put the interests of Europe as a whole first. Only by bridging differences and building mutual trust can they save Europe as a whole. What eurozone members should do is stop complaining and bickering, recognize that bailing out defaulting countries like Greece would ultimately serve their own national interests, and then take swift and concrete action. Yet as Eurogroup President Jean-Claude Juncker rightly recognized before the summit, "we have to deal with 17 governments and 17 states and 17 parliaments." As a result, the summit is bound to be long and difficult, and action may not be as swift as hoped for. The eurozone debt crisis is in essence the result of a long-term accumulation of internal problems within the EU, with the European economic governance being characterized by deep-seated weakness and a lack of financial supervision institutions. In the short and medium term, emergency bailout measures, budgetary austerity plans and public financial structure adjustment may be effective in alleviating the crisis. However, a permanent solution may only be found in strengthening the EU as an institution. In fact, Chinese Premier Wen Jiabao suggested Friday in a phone call with European Council President Herman Van Rompuy that fundamental financial reforms are needed. "China supports the EU's efforts to cope with the crisis and stands ready to beef up coordination and cooperation with the EU to contribute to a global economic recovery," Wen said. Ultimately, the European debt crisis, which has come to hang over Europe like a sword of Damocles, next to being a hard-won lesson in fiscal responsibility, may prove to be a chance for Europe to emerge stronger and more united than ever.