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Unlike the US under Obama and Clinton the EU does not seem to recognize the importance of Asia. Not a few Europeans were embarrassed to hear that Sarkozy had been urging China’s president to contribute to the Euro rescue plan. Why Europeans should expect Asians to contribute to the bailout fund for the Euro when Europe did little or nothing to help the Asians during their financial crisis of 1997-98 is a mystery.

In her article in "Foreign Policy," Hillary Clinton did not mention Europe apart to say that the US would not neglect its traditional allies. But as Washington looks more and more across the Pacific it will inevitably have less time to look across the Atlantic. Former US Defense Secretary Robert Gates spelt it out clearly before he left office: Europe will have to take more responsibility for its own security and regional security. In other words, do not expect a debt-ridden country of 300 million people continue to pull chestnuts out of the fire for a 500 million strong EU with a higher GDP than the US. Europe must do more for its own security; that is the first lesson from America’s Pacific focus and internal economic and financial problems.

The EU must also make a greater effort to engage with Asian regional groupings. Catherine Ashton’s decision to skip the Asian Regional Forum (ARF) in Bali in July was just the wrong signal. Belatedly the EU is seeking to join the East Asia Summit as an observer but Asian members are in no rush to open the door. It will take some solid work by the EU and its member states to convince Asians that they are serious about the region.

On the trade front the EU has largely given up on the multilateral agenda and is seeking bilateral deals with Korea (completed) and Japan, Malaysia, Singapore (under discussion). But it is way behind the curve as the proliferation of FTAs in Asia shows. The Asians also want more signs that the EU views them as more than just a market. NATO has boosted ties with like-minded countries such as Australia and Japan but there is no consensus to take further steps in the region. It will remain a marginal player in the region.

Some media commentators have spoken of a G2, meaning the US and China. In reality the most important G2 in the world remains the US and Europe, as together they account for a far higher share of GDP, trade and investment than any other two actors. But the US and Europe should be looking at ways to bring China into their discussions. There are few problems in the world that can be resolved without these three giants agreeing. It will not be an easy task to coax China into being a ‘responsible stakeholder’ but the prize is so great that the US and Europe should go the extra mile to establish this new G3.

Fraser Cameron is a former European Commission advisor and Director of the newly established EU-Asia Centre.