SINGAPORE (Reuters) – European Monetary Affairs Commissioner Joaquin Almunia said yesterday that Europe was playing a role in correcting global imbalances as its economy was picking up and it was tackling structural reform. «We are doing our homework… We are contributing not only to improving the conditions of life of our citizens but also to the solution of global imbalances in the global economy,» he told a conference during the IMF/World Bank meetings. Turkey has applied to join the European Union and Almunia said the political stakes were high on this issue. «It is in the interests of both sides of the process to succeed. It would be a big failure for Europe» if it were to fail, Almunia said.