Does the crisis in Egypt and other countries in the Middle East represent a moment of real change? how will it shape US, European and Israeli foreign policy towards the region as worries grow over instability and oil security? In the chair, FT analysis editor Frederick Studemann debates the issues with FT colleagues Roula Khalaf, Middle East editor, Tobias Buck, Jerusalem correspondent and Gideon Rachman, the FT’s chief foreign affairs commentator.