Abstract
The financial crisis that we are facing in the present scenario is said to be the worst since World War two or even since the great depression. We can't compare our situation to the one in 1929 but we have to be realistic that the crisis is a global issue. We are now far away from the German finance minister's declaration (Peer Steinbrück) who said last month that ''the credit crunch was an American matter''. The Former French President Valery Giscard D'estaing, in a recent interview for La tribune has said that '' it was unrealistic to find common solutions for 27 nations''. This statement can seem to be pessimistic knowing that it comes from someone who was the president of the Convention on the Future of the European Union that drafted the Treaty establishing a constitution for Europe. This example shows that the European Union is living a decisive period for it's future, some decisions have to be taken even if they are some oppositions and the only thing that we know is that those decisions can change the union.
