The G8 and G20 meetings in Toronto, closely watched last month as Europe struggled to halt the chain reaction of doubt set in motion by the Greek debt crisis, exposed their inability to coordinate on quelling financial uncertainty.
The problems in the European Union symbolize the fragility of a unified currency that was formed without integrating the fiscal powers of its members. They also remind us that political boundaries with long histories still reign in Europe, despite efforts to integrate the region.
In other words, it is difficult to find a common solution to problems that directly affect the sovereignty of each member country. Unlike the Group of Eight, however, the G20, with so many countries involved, is finding it even tougher to agree to cooperate and find common solutions for the problems they face.