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In world currency markets it is the Euro which is the stable currency, while the dollar sinks as the underlying weaknesses and trade deficits of the domestic US economy become more evident. Historically, the success of social democracy in the past century was to promote a compromise between labour and capital, between the state and the market and between commercial competition and social solidarity. The basic rationale for the European Union is that it can be the new form of transnational organisation able to reassert the compromises between labour and capital, competition and solidarity, in a wider regional setting.\n Nationalists call for a straightforward halt to immigration but, apart from any other concerns, in an era of extensive travel and unprecedented tourism, such a policy is impractical.
Revitalising Europe Jon Bloomfield Soundings; Winter 2008; 40; Docstoc pg. 68 Reproduced with permi
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