The financial crisis could leave Europe without a role on the world stage, says Romano Prodi, past president of the European Commission
There is no need to go into a detailed analysis of the origins of the current financial crisis, so I will simply remind you of the main points of it – the rise of American foreign debt, the excessive consumption of the US, the illusion of self-regulating markets, the absence of any traditional monetary system and control, and the lack of adaptation to the entrance of new countries into the world economy and world politics.
[This article has been reproduced with permission from Said Business School, University of Oxford. The article originally appeared in the School e-magazine, THEWORLD@OxfordSaid. http://www.sbs.ox.ac.uk]