The EU's response so far was built on phased sanctions, a concept the EU has successfully developed over the years. This was the right approach at the right time, making clear our wish to preserve the integrity and peace of the international order while keeping open our ability and willingness for negotiations.
Nonetheless, these developments put into question Europe's capacity to project its values onto the global, or even European stage. If Russia further escalates the situation, the next stage of sanctions must follow immediately. We should also consider cutting off the flow of finance from and to Russia, as this is a message that will be felt by the oligarch around Mr Putin.
For me, as candidate for President of the Commission, the Ukraine crisis shows how important is that Europe acts united when it comes to foreign policy. There is still a long way to go. I believe we cannot be satisfied with how our common foreign policy is working at the moment.
First of all, we need better mechanisms in place to anticipate events early and to swiftly identify common responses. To begin with, we need to make sure the EU's member states navigate with the same map. As the Ukrainian crisis has again highlighted, member states differ in their historical experiences and (real or perceived) political or economic dependencies. What is needed is a common understanding of Europe's values and the importance of the European peace project in our world. We have to ensure these different maps converge into one, in order to be able to strengthen joint analyses and policy-making instruments. The EU's External Action Service is the right tool to do so, and it is readily available. In order to be effective, however, it needs to be more strongly integrated with the experienced machinery of the European Commission, which wields substantial expertise in crisis management.