For a start, it is about time Europe completed its much-vaunted single market: that means free trade in services as well as goods, and the free movement of all Europeans (not just rich ones).

It is also in Europe's interest, as well as its neighbours', that it expand its haven of prosperity and security east and south, by enlarging the Union where possible and through closer cooperation where not.

And Europe should make the most of its collective voice in trade and environmental policy to kickstart the Doha round and give new momentum to global efforts to insure against the potential of catastrophic climate change.

Another important area where Europe needs to act as one is in energy policy. Europe is sleepwalking into a dangerous dependency on Russian gas that will give a hostile Kremlin huge leverage over the EU. Just this week, the FT reported that:

Nato advisers have warned the military alliance that it needs to guard against any attempt by Russia to set up an “Opec for gas” that would strengthen Moscow’s leverage over Europe.

A confidential study by Nato economics experts, sent to the ambassadors of its 26 member states last week, warned that Russia may be seeking to build a gas cartel including Algeria, Qatar, Libya, the countries of Central Asia and perhaps Iran...

Russia supplies 24 per cent of Europe’s natural gas, with Norway selling 13 per cent and Algeria, a major exporter to Spain and Italy, supplying 10 per cent.

Last week, the International Energy Agency warned of “the possibility of major gas-exporting countries co-ordinating their investment and production plans in order to avoid surplus capacity and to keep gas prices up.”

Also writing in the FT, Fulvio Conti, the boss of Enel, warns that:

Europe is increasingly dependent on external sources – 65 per cent of energy is imported and this is expected to rise to more than 80 per cent in 20 years. Europe is particularly dependent on Russia: the reduction of Russia’s exported gas last January exposed fragility. Gas and electricity prices increased dramatically and there were supply shortages at numerous points throughout the system. This is not a challenge that can be dealt with effectively by 27 independent micro-markets. It has to be met by European companies big enough to negotiate with large suppliers, but must also be met by a united voice. Europe is the world’s second largest energy consumer – the benefits of negotiating with a single voice are obvious.

Scale counts in ensuring future energy security, but so does source diversity. We need to develop new gas supply routes in pipelines and liquefied natural gas with supplier and transit countries, which will require strong European political support. At the same time, we need to look beyond gas by developing renewable energy and clean coal technologies. Europe must also be realistic that nuclear energy will have to play a significant role in the medium term at least.

Europe, take note.

UPDATE: A new poll for the FT by Harris Interactive finds that only 21% of Europeans believe Russia will be a reliable source of oil and gas in the future, while 35% think it won't be.