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EUOBSERVER / BRUSSELS - The financial crisis is likely to create fundamental changes in the EU. But the bloc is still at an early stage of formulating its response, Belgian industrialist and former EU commissioner Etienne Davignon told EUobserver.
"It's clear that the world will not be the same after September 2008," he said in an interview on 12 March, referring to events last year such as the fall of Lehman Brothers bank in the US, which first put in the public eye what has since become the global economic crisis.
"How does Europe adjust to that change is the question. There is no objective reason to say that we will fail. There is not yet a clear indication that we will succeed in that test, so the jury's out."
The 77-year old Mr Davignon is vice-chairman of Belgian energy firm Suez-Tractebel and president of Brussels-based NGO Friends of Europe. In the 1960s he worked under EU 'founding father' Paul-Henri Spaak in the Belgian foreign ministry and in the 1980s was EU commissioner for industry.