Business Week: The EU's Window of Opportunity - by Ann Mettler

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The EU's Window of Opportunity - by Ann Mettler

"Germany is back" perhaps best encapsulates the sentiment in Europe these days. There's genuine excitement about the revival of Europe's largest economy, and there's an unprecedented amount of goodwill throughout Europe (with the possible exception of Poland) to see this presidency succeed. The last time I saw such large interest in an incoming presidency was when Britain took over in July, 2005—though that was accompanied by downright hostility from Europe's sluggish Old Guard, of which Germany was then a member, not to mention France and Luxembourg. These countries undoubtedly envied the success of Britain's "Anglo-Saxon" economy and the popularity and charisma of its leader, Tony Blair.

None of that sort of antagonism is present in Brussels these days, which is unusual. This presents a unique opportunity to move forward with the European project and sustain and accelerate the economic momentum of recent months. For the truth is, not only is Germany back, Europe's back as well. Last year saw a remarkable return of growth and employment. The European Commission estimates that the EU economy grew by 2.6% and that some 2.9 million jobs were created, leading to a marked hike in consumer sentiment and investor confidence.