ABSTRACT
All member states of the Union were hit by the worldwide recession sparked by the subprime mortgages crisis in the United States and the collapse of Lehmann Brothers on September 25th 2008. Some analysts wondered at the time whether the Maastricht summit in December 1991 and its eponymous treaty might represent the high-water mark of European integration. Until the financial crisis broke out in the autumn, 2008 was devoted to EU business-as-usual. The function of EU foreign affairs supremo, now called the High Representative of the Union for Foreign and Security Affairs, was reserved for a figure from Europe's centre-left in the interests of political balance. Mario's magic worked; markets took him at his word. Tensions eased, at least temporarily, and fragile countries could again borrow at non-punitive rates. If solidarity among EU states bent before the Greek crisis, it buckled as they strove to cope with the massive influx of refugees and asylum seekers.
