The European Union accomplishments are commendable. Even though the dominant underlying idea of the formation of the EU is peace, there is an expectation that there will, one day, be a powerful United States of Europe. Nation-states having diverse cultures have come together to form a union which is expected to challenge American hegemony. This seemingly impossible dream got a little setback this week. The Lisbon Treaty which needs to be ratified by the 26 EU members was rejected by the Irish (coverage available in related resources below).
What should the EU do now? The FT Editorial (see below) has interesting suggestions, according to them, it is not a crisis of confidence, instead, look at parts of the treaty which are practically implementable.
Related resources
Taking Europe in the 21st Century
Wikipedia: The treaty of Lisbon
Europe in Turmoil After Irish Vote
FT Editorial: Time to put the EU treaty on ice
Irish voters reject EU treaty