A bitter cycle of violence that has already cost more than 500 lives since last autumn and that threatens stability in the Middle East must be broken. This is a trauma that produces no winners, only losers - Palestinians who see their aspiration of statehood receding, and Israelis who feel increasingly insecure.
Both parties, together with the international community, must find a route out of this crisis and back to the negotiating table. Such a route now exists, but to restore faith in peace we must seize the moment and act without delay.
I had the honour to be a member of the fact-finding committee created by the Sharm elSheikh Summit last October, alongside former American senators George J. Mitchell - who chaired the committee - and Warren B. Rudman, the former Turkish president, Mr Suleyman Demirel, and the Norwegian Foreign Minister, Mr Thorbjorn Jagland.
In the course of our work, we met Israeli and Palestinian leaders and members of civil society, as well as the families of Palestinian and Israeli victims. All shared the same pain, often expressed in similar words. Despite the anger that has built up in the two communities, there should be no doubt that the overwhelming majority of both Palestinians and Israelis wish to live in peace. The only route to peace, justice and security in the Middle East is by way of negotiation founded on honest implementation of the relevant resolutions of the United Nations Security Council. This has been at the heart of the peace process launched in Madrid 10 years ago.
The fact-finding committee has now delivered its report. The rigour and impartiality of its work have, I believe, been widely recognised. Above all, the report has created a diplomatic foundation that benefits from unprecedented international support. The report's recommendations have been endorsed by the Secretary General of the UN, by the United States, by the European Union and by other countries, such as Russia and Canada. Egypt and Jordan find in it the same philosophy as in their joint initiative presented several weeks earlier in a positive effort to fill the diplomatic vacuum. Most significantly, the Israeli government and the Palestinian Authority have both indicated that they accept the report's recommendations.
Many reports on the region have been published. Rarely have they been so carefully listened to by their intended audience. It would be a political absurdity and a human tragedy not to generate tangible benefits from this opportunity. The moment must be seized and progress made.
A report in itself cannot produce miracles. It constitutes only a foundation on which must now be built an operational plan. For this reason, I travelled to the region last week. A package of measures accompanied by a timetable is required. This principle is accepted by the parties who acknowledge four "building blocks": a ceasefire; a cooling-off period; confidence-building measures; and finally the resumption of negotiations both on the interim questions still open and also on the final status. This operational plan must be adopted rapidly: it is not a question of months but of days, perhaps of weeks. If not, the crisis will endure. I have said this to all leaders in the region and all agree.
Clearly, the parties must take immediate and unconditional measures to break the cycle of violence. There must be a 100 per cent effort in this direction and leaders must be prepared to take those measures necessary. I remain convinced that to break the pattern of attack followed by reprisal, the parties need a clear and detailed road map which leads to a resumption of the peace process and to negotiations.
To move forward we must restore confidence. The Sharm el-Sheikh Committee identified several possible measures in this respect. One of these is a freeze on settlements. I understand the importance the Palestinians attach to this. The fact that the number of settlers has doubled since the signature of the Oslo Agreements has not made the search for a just and lasting peace any easier. Europe has long warned of the negative consequences of the settlement policy. In repeating the European view, I note that a majority of Israelis seem ready to consider that a freeze on settlements may be in Israel's best interests.
If, as they have stated, the Palestinian and Israeli leaderships can accept the report's recommendations, then they must accept them as a whole. In this way only can we rebuild the faith in peace that has been shaken among both Israelis and Palestinians.
A political perspective must accompany the move away from violence and drive the process forward. Breaking the cycle of violence and renewing the search for peace requires a new bilateral relationship that guarantees the security and the right of both peoples to live in peace. Co-operation existed in the recent past and it must be restored.
The European Union is playing its part in efforts to break the spiral of violence and relaunch the peace process. Since Sharm el-Sheikh, I have been in almost daily contact with Israeli, Palestinian and Arab leaders. The EU's Special Representative in the region, Miguel Angel Moratinos, is also active on the spot. The EU works alongside its partners, notably the United States, in a complementary and mutually reinforcing manner. Intensive and continuous co-operation with Washington has been central to European efforts.
The realistic and balanced recommendations of the Sharm el-Sheikh Committee's report constitute a fair and serious plan to escape the current crisis. If we miss this opportunity, we will once again be condemned to deploring the loss of innocent lives. Ultimately, the solution for a wise peace will resemble that which is today on the table. Why wait any longer when Israelis and Palestinians can count on a vast international coalition for peace? The decisions required demand courage. This is what the people of the region deserve of their leaders. The European Union stands ready to provide any support necessary.
Dr Javier Solana is EU High Representative for Common Foreign and Security Policy