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In a period of hectic diplomatic activity for breathing a new life into the project of European integration and bouncing it back after the economic crisis came to threaten its credibility, Romania is bound to take an active role in the ongoing discussions on the future of Europe. The deliberations that have been going on for the past few months advance now along several lines and aim at creating a banking union, a fiscal union, an economic union and a political union. Each of them taken separately and all of them taken together will alter fundamentally the governance structures of the European Union. [ABSTRACT FROM AUTHOR]