But European states are also looking to the future where a united Europe will better compete in economic and other fields with superpower United States and other emerging powerful countries or regions. However, this is not an argument for status quo. The global landscape has changed drastically and will continue to do so at an even faster rate. Within our national borders, the forces of globalisation have transformed the way we live, work and play. In the larger regional and international context, globalisation has engendered greater economic competition for finite investments and resources.
Globalisation even challenges the sanctity of our traditional legal institutions.
For example, it has revealed the close nexus between economic growth and our legal systems. Indeed, the existence of a sound legal system and effective administration of justice is now seen as a key requirement for attaining economic and social growth. The Heritage Foundation's 1999 Index of Economic Freedom identifies the rule of law and the protection of property rights as a key driving force for economic growth. Other economic institutions like the World Economic Forum also assess a country's legal system and the performance of its judiciary in ranking a country's global economic competitiveness. They argue correctly that without these elements, individuals and firms would face severe disincentives to invest and engage in productive activities.