The Netherlands followed France in rejecting the EU Constitution in a referendum earlier this month. While France has long been the driving political force behind European integration, the Netherlands has also been a key player in the integration process.
The "no" votes by these countries should be taken seriously. The economic integration of the European Union -- complete with its common euro currency -- is not likely to regress, but it is undeniable that the momentum for political integration has suffered a setback.
Britain has already reacted by freezing its own referendum on the EU Constitution. In principle, the EU Constitution needs to be ratified by all 25 member states, but there is a provision saying that the European Summit should deal with the matter as long as the Constitution has been approved by at least 20 countries.