Europe has not lost its attractiveness but is simply coming closer to its geographical borders. Its attractiveness is evident first and foremost in the expansion of political stability and institution building and then in economic progress, Pusic said at the foreign policy conference "Riga 2012".

The event is the leading political forum in north Europe, drawing representatives of some 30 countries from politics, the economy and science who discuss foreign and security policy topics.

Speaking of how the global crisis had impacted the EU, Pusic said Europe had changed politically more than economically, and warned about a change in the "sense of political direction, why we are part of the EU and where we want to go."

The dominance of economic and financial topics over political ones has created an imbalance between conflict and cooperation, between the economic and political aspects of integration, Pusic said, adding that she was not necessarily referring to the federalisation of the Union but to the sharing of political goals and values.

"Will Global Economic Restructuring Bring the West Back to Game?" was the topic of a panel at which Pusic spoke with Latvian Foreign Minister Edgars Rinkievics and French Minister for European Affairs Bernard Cazeneuve.