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Global chaos offers hints of new world order (2)

By Zhang Yuyan (Global Times)

14:37, December 07, 2011

Moreover, the European debt crisis is not that unexpected. Financial integration is one of its fundamental causes. The designers of the eurozone must have predicted the crisis from the very beginning.

When the eurozone was first set up, it was politically impossible to require member nations to hand over their fiscal sovereignty as well as their currency sovereignty.

A crisis is indispensable to promoting European financial integration, despite certain risks. From this perspective, the European debt crisis is more like a long-awaited crisis, and Europe can enjoy a renaissance if it survives it successfully.

I'm not sure whether future historians will define 2011 as a turning point in the history of humanity. But I think we have an inclination to magnify the importance of the world we see right now.

In the 1990s, economists, government officials and media worldwide were talking about the new economy, holding that all present economic rules would become useless, since a completely new economy was coming along with the information revolution. But now no one mentions these embarrassing predictions again.

We are likely to overestimate the present situation and underestimate future possibilities. In other words, the economic chaos at present is not as bad as we imagine. We need to figure out a long-term trend rationally.

China should be clear about the international environment it is facing. The international order is changing all the time. Even if the texts stay the same, the meanings they hold in negotiations have already changed. It is a quiet revolution.

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"From 1800 to 2010, the world has already gone through more than 250 sovereignty debt crises" name them
  

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