European Union - World Economic Power

From establishing the European Coal and Steel and so far, European economic integration has seen remarkable success. There are however a number of difficult issues unresolved. Will EU succeed to move forward towards a political union and to shape a foreign policy that would enable a major role in international relations? The new confrontation that is taking place at the international level is not based on political-military conflict anymore, but rather on economic and technological competition to get a bigger part in the global economy. But will the acquisition of a world economic power status will allow them to remove American hegemony?