As many of Europe after the outbreak of the debt crisis analysis and commentary are talking about Defects of the euro area the most direct cause of the crisis. For example, Europe is the highest level of regional economic cooperation body, but not a political alliance. Countries in the region in view of the lack of mutual support in politics, comes under attack, the gulf between the interests of sovereign states, the European Central Bank exists in name only, do nothing; another example, although the establishment of the euro zone central bank and a unified monetary policy, but not a European financial Ministry of the Member States of the abuse of financial discipline, resulting in debt, and so on.

Although these problems exist objectively, but it is still only in Europe that have achieved a high level of regional cooperation in areas of practical value. In terms of other regions of the world, especially East Asia, including China, we need just the concern of how to promote and deepen cooperation. If the regional economic integration can be divided into a customs union, free trade, common market, monetary union and the five forms of economic and monetary union, then the euro has come to an Economic and Monetary Union of the top of the pyramid, and we are still in free Trade Area of the initial stage.

However, through reflection of the debt crisis, some of the things of universal value is still worthy of attention, is still worth drawing some lessons:

First, from the reality, step by step. Regional cooperation in Europe began in the 20th century, 50’s, early 90’s, which lasted 40 years before the EC member states expanded from 6 countries 12 countries. However, after the disintegration of the former Soviet Union, Central and Eastern European countries find political support, to get more economic benefits; Germany and France and other Western powers also hopes to expand regional cooperation to promote regional economic development, in particular to improve the situation in Europe in the world position, the EU members continue to expand, and by 2004 expanded to 25, 2007, increased again to 27.

With the increase in EU Member States, the European internal market expansion, major powers, the size of a conflict of interest between countries and conflicts also increase, the EU is also difficult to make a unified decision-making is increasing. In particular, some, like the Greek economy is relatively backward country such as the euro or even conceal the truth on the financial issues, and joined the regional alliance, and because of lack of competitiveness, and ultimately to carry a heavy debt, triggering the crisis.

Second, the crisis, all countries need to cooperate. For the debt crisis intensified, the joint International Monetary Fund, the European Union 3 shots, and continuously improve the scale of aid programs in order to suppress speculation, restore market confidence. For the international credit rating agencies continue to drop and some euro-zone countries of Greece’s sovereign debt credit rating of the move, the ECB announced that, in terms of credit secured the sovereignty of these countries suspended debt credit rating requirements.

At the same time, a lot of buying in the secondary market debt of these countries in order to steady the market. In addition, Greece, Spain, Portugal, France, Britain, Italy, Denmark, Germany and other countries also reached consensus, have cut costs, raise taxes, cut public spending, adjust the budget structure to ensure the sustainability of the budget direction.

In taking over these emergency measures, the EU also launched a storm to strengthen economic governance in Europe. June 17, 2010, the EU summit held in the summer, the European economic governance issues in-depth discussions and reached a number of key issues in the same direction. The focus is to strengthen governance, “Stability and Growth Pact,” the role of Member States to strengthen the management and coordination of budget system, but also to strengthen macroeconomic control.

This shows that the more difficult, the more should strengthen cooperation, the only way to promote regional economic recovery and achieving win-win situation.

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