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Redefining Europe’s Economic Sovereignty

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Redefining Europe’s Economic Sovereignty

Bruegel,

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The EU’s economic sovereignty must expand to encompass geopolitical goals.

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8

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Recommendation

For the United States and China, economic might and national interests are one and the same. So, too, according to foreign policy and economic experts writing for the think tank Bruegel, must the European Union integrate political and economic objectives while continuing to embrace globalization and technology. Changing global power dynamics are forcing Europe to fend for itself, and EU member-states must act together to take a more assertive posture. Diplomats, executives and regulators will welcome this far-sighted analysis.

Summary

The European Union’s practice of separating economic sovereignty from regional geopolitical concerns is woefully inadequate in the 21st century.

For Europe, a 60-year era of pursuing economic integration while enjoying the protection of the United States is coming to an end. China and America are now engaged in a race for global economic and geopolitical advantage. National security has become a salient issue, as the internet and financial systems link countries across borders.

The US administration is withdrawing from trade and climate treaties, while Chinese leaders ...

About the Authors

Mark Leonard leads the European Council on Foreign Relations, where Jeremy Shapiro is head of research. Guntram Wolff is the director of Breugel, where Jean Pisani-Ferry is a senior fellow and Elina Ribakova was a visiting fellow.

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