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Costas Simitis

32 A new European policy is necessary At the inception of the financial crisis of 2007 and after, and at the start of the public debt crisis of 2008, the conservative position was dominant; indeed, there was a widespread aversion of new initiatives across the EU. It was widely held that the Lisbon Treaty of 2007 contained all necessary changes to the EU’s institutional framework and no further reform should be sought. The rejection of the draft European Constitution by France and the Netherlands in 2005 and the difficulties encountered by the recently joined

in The European debt crisis