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2. Europe in a new world order
- Author:
- Maria Demertzis, André Sapir, and Guntram Wolff
- Publication Date:
- 02-2017
- Content Type:
- Policy Brief
- Institution:
- Bruegel
- Abstract:
- The United States is the European Union’s most important trade and bilateral investment partner, which has, until now, supported a multilateral trade system and European integration and has provided a security guarantee to the countries of the EU. But like other advanced economies, the US’s relative weight in the global economy has declined. The new US administration seems intent on replacing multilateralism with bilateral deals. In trade, it aims to secure new trade deals in order to reduce bilateral trade deficits and to protect, in particular, the US manufacturing sector. In climate policy, the US commitment to the Paris Agreement is being questioned. In defence, the security umbrella appears less certain than previously. The overall promise behind this change of direction is to put ‘America first’ and deliver better results for US citizens.
- Topic:
- International Political Economy, International Trade and Finance, Bilateral Relations, Multilateral Relations, and Political stability
- Political Geography:
- Europe and United States of America
3. Making the best of Brexit for the EU27 financial system
- Author:
- Andre Sapir, Dirk Schoenmaker, and Nicolas Veron
- Publication Date:
- 02-2017
- Content Type:
- Policy Brief
- Institution:
- Bruegel
- Abstract:
- The United Kingdom’s exit from the European Union creates an opportunity for the remaining EU27 to accelerate the development of its financial markets and to increase its resilience against shocks. Equally, Brexit involves risks for market integrity and stability, because the EU including the UK has been crucially dependent on the Bank of England and the UK Financial Conduct Authority for oversight of its wholesale markets. Without the UK, the EU27 must swiftly upgrade its capacity to ensure market integrity and financial stability. Furthermore, losing even partial access to the efficient London financial centre could entail a loss of efficiency for the EU27 economy, especially if financial developments inside the EU27 remain limited and uneven.
- Topic:
- Economics, International Political Economy, International Trade and Finance, Political stability, and Brexit
- Political Geography:
- Britain and Europe