The stage could be set for an international effort to renew serious political negotiations between Israel and the Palestinians on a long-term peace settlement. It is badly needed, since that conflict feeds into many others in the region.
If it is tackled constructively there would be a spill-over elsewhere, including in Iraq, as president Hosni Mubarak of Egypt pointed out in an interview with this newspaper to mark his current visit to Ireland.
In Washington the Iraq Study Group report has argued strongly in favour of linking a sustained US initiative on Israel and Palestine with engaging Iraq's neighbours in stabilising the conflict there. It wants to involve Syria and Iran especially in these efforts. It calls for the Golan Heights to be returned to Syria and the establishment of an independent Palestinian state.
Iran's involvement in this conflict is less direct but hardly less germane. It provides funds and inspiration for Hamas, which won last January's Palestinian elections, leading to the prolonged crisis there since then over representation and international aid. Iran has a similar relationship with Hizbullah in Lebanon. Precisely how much political influence Tehran wields over both movements is highly contested; but it makes good sense to test this linkage in a round of tough diplomacy.
There is a strong European dimension at work here as well. Instability spills over from Iraq and Israel-Palestine to Europe. The French, Spanish and Italian governments have taken a diplomatic initiative to revive Israeli-Palestinian talks, which will be put to next week's EU summit in Brussels. It too takes account of Syria, Lebanon and Iran and has the substantial merit of coming from major powers which have not been involved in the steadily deteriorating situation in Iraq.
The critical issue for such an EU initiative is how to calibrate it with other efforts, by the US or Arab states. All concerned await the outcome of prolonged negotiations between Hamas and Fatah on forming a technocratic Palestinian government.
Aid flows were stopped until Hamas agreed to recognise Israel, renounce violence and accept past agreements. Such conditions were too stringent, failing to recognise that Hamas is prepared to move towards them pragmatically rather than to the letter.
It is essential that the EU be ready to respond rapidly to the formation of a new Palestinian government so as not to lose momentum. Details of how these conditions should be met in the longer term will emerge in the talks if they get going. The main priority now is to ensure they do and that this limited opportunity is not squandered.