Daniel Vernet on the political consequences of the financial crisis

In an article for the French daily Le Monde journalist Daniel Vernet paints a picture of how the global financial crisis could change the balance of power among states. "It is by no means too early to speculate on the geopolitical consequences of the crisis. ... It will radically change the ideological, economic and political balance of power. It will undoubtedly lead to the US losing some of its power to Asia; a process which began long ago. ... In an international system dominated by a certain balance of power, the fall of one power can benefit others. But this is no longer the case today. The mutual dependencies in a globalised system mean that losses and gains are equally distributed among those within the system. The comeback of the State that has announced itself in this crisis could have two contrasting results [for Europe]: either the Europeans withdraw into the false security of nationalism and protectionism or - what would be more desirable - they organise the role of state power at a European level."

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