Reflecting growing assertiveness in response to aninternational financial crisis it sees as caused by uncontrolled globalisation, Santer said Europe's experience with cross-border regulation could help the world avoid new problems.

"The bottom line is that Europe tried and succeeded at anexperiment in globalisation on a continental level," Santer told a conference on the law and globalisation.

"Europe can and must claim a stabilising role," he said. "Ithas a unique experience in the areas of liberalisation and supranational regulation."He said the EU's tough surveillance of its economies, itsregime of completely free capital flows coupled with a single market for Financial services and its common policies on trade, competition and environment, were clear successes.

He also cited the European model ofsociety, with itsordered approach to economic liberalisation, and the EU's harmonised legal framework as examples to be emulated.

Though he made no concrete proposal for a new worldwideregulatory framework, he urged the EU to cement its role in the world economy by supporting confidence and stability at home by launching a credible single currency and modernising its economic structures.

"These will stimulate the dynamism of the European economyand help those that trade with us," he said.

He also said the EU must keep its markets open to countriesin crisis and help these nations restore confidence in their Financial and regulatory systems.

He called on EU member states to keep aid flowing todeveloping nations and said careful preparation for the next round of international trade talks was crucial to promote fair regulation and the international rule of law."A commitment in favour of more multilateralism and moretransparency will help restore confidence to international markets," Santer said.

Theso-called millenium round talks are due to begin in 2000within the framework of the World Trade Organisation to follow the 117 nation Uruguay round, agreed in 1993.