15861. Participating in European sovereignty through law
- Author:
- Hugo Pascal
- Publication Date:
- 06-2021
- Content Type:
- Policy Brief
- Institution:
- Robert Schuman Foundation (RSF)
- Abstract:
- In the late 1980s, as the debate about the decline of American hegemony intensified[1], economist and political scientist Susan Strange emphasised the 'structural power' of the United States, understood as “the power to determine the frameworks of the global economy that has allowed it to choose and shape the structures within which other countries, their political institutions, businesses and professionals must operate”[2]. In Europe, the reputedly "extraterritorial" scope of certain US laws, illustrated by the heavy fines imposed by the American authorities on continental companies, could be considered as one of the most immediate manifestations of this power. It also appears to be a response to the new gap created by globalisation between a now deterritorialized market and regulatory States that are no longer homogeneous and superimposed[3], and this at a time when the institutions of international economic regulation often seem to be in deadlock. The growing interdependence between economies, enabled by globalisation and encouraged by free trade, has gradually eroded the markets established by borders to such an extent that the nation-State, conceived as the protector of a narrowly defined territory, could be considered a historically dated model[4], without a new body with a general scope having been able, to date, to replace it in its tasks, such as the fight against financial crime. In this new complex system, «new geopolitics of norms» has been created.[5] Europe must find its rightful place within it so that it can assert its sovereignty.
- Topic:
- Sovereignty, Law, Geopolitics, and Norms
- Political Geography:
- Europe