Who is the villain in the eurocrisis movie?

Cannes has seen its fair share of cinematic flops over the years. But this red carpet-laden city on France's south coast has never seen a political flop like the one it witnessed over the past two days. It had all the elements of an edge-of-your-seat political thriller: high stakes, sudden plot twists, personal rivalries and looming global disaster. But who is the villain in this particular script? Today there was plenty of finger-pointing to go around.

The leaders of the world's 20 richest countries intended to come to Cannes to come up with a solution to global economic crisis which is quickly spiraling out of control. But a shock announcement Tuesday from the Greek prime minister that he would hold a referendum on Greece's acceptance of the bailout package worked out last week changed all that. The resulting outcry threw the Greek government into disarray, putting it near collapse - which could have precipitated a global emergency. The leaders of the 20 richest countries in the world ended up working out nothing, spending the entire summit glued to their blackberries waiting for news from a tiny country in the Mediterranean.

The leaders left Cannes tonight with nothing to show for their meeting. No plan to save the eurozone, no funding, and no consensus. Indeed the G20 summit has ended with the world in a worse state than it was in when it started. Europe, and the world, could be just days away from economic collapse if the Greek government collapses tonight in a no-confidence vote scheduled for midnight.

Can the EU rebuild the Arab world like the US rebuilt Europe?

Spanish prime minister Jose Luis Rodriguez Zapatero has called on the West to create a new 'Marshall Plan for Arab states' in response to the current unrest. Such a plan, modeled on the wildly successful scheme launched by the United States in 1947 to rebuild war-ravaged Europe, would be designed to give new Arab governments the financial support they need to build stable democracies. More implicitly, it would provide a bulwark against Islamism in the same way that the Marshall Plan successfully provided a bulwark against Communism in Western Europe.

Europe is still still haunted by its failure to do anything to prevent the chaos that unfolded in its own backyard in the 1990s during the Balkan Wars. The calls for quick decisive action are coming from every corner. Most politicians now acknowledge that financial support is going to be needed, but there is disagreement about who should supply it. These thorny issues will be discussed tomorrow at a special summit of EU leaders in Brussels to discuss the crisis in Libya.

At the European Union level, there has now been begrudging admittance that the union's approach to its Southern neighbours has until this point been a misguided failure. Valuing stability and protection of Israel above all else has led to the European Union and the United States ploughing billions of dollars into despotic regimes over the past decades, earning them the enmity of the Arab street. For the EU, most of this aid was distributed through the European Neighbourhood Policy (ENP), which gives financial and political assistance to the EU's neighbours.

€2.8bn in assistance has already been pledged to the Middle East and North Africa over the next three years through the ENP. Now that it is clear that a much larger amount than this is going to be needed to support budding Democracy movements, there are questions over whether the ENP is the best tool to use. Southern European countries have long complained that the ENP was always more focused on the EU's Eastern neighbours than those to the South. Why not give the Southern Mediterranean its own new, dedicated assistance vehicle?