Published on YaleGlobal Online Magazine (http://yaleglobal.yale.edu)
Home > The Europeanization of America

The Europeanization of America

The United States and Europe each are coping with heavy debt and the prospect of decline, argues Mark Leonard, co-founder and director of the European Council for Foreign Relations. Polarized electorates and clumsy austerity programs add to uncertainty and compound economic woes. Leonard suggests that the Obama administration admires the Germany economy and pursues policies of “energy independence, re-industrialization, re-shoring and fair trade” with the hope that “advanced manufacturing can create export-led growth.” Obama has called for a transatlantic trade deal, which according to Leonard, “accords with America’s new philosophy of globalization,” including raising wage and environmental standards. “Such a transatlantic deal – particularly if linked with hopes for trade deals in Asia (such as the TransPacificPartnership) – will help the rich world to impose regulatory standards on rising powers by making access to this new mega-market dependent on meeting these standards.” High standards in trade could contribute to other goals – improving economic security within countries and avoiding military conflicts. – YaleGlobal

The Europeanization of America

Both sides of the Atlantic struggle with debt and decline; a transatlantic trade alliance could lift economies, raise global wage and environmental standards
Mark Leonard
Reuters, 26 February 2013
Click here for the article in Reuters.

Mark Leonard is co-founder and director of the European Council on Foreign Relations, the first pan-European think-tank. He is currently a Bosch fellow at the Transatlantic Academy in Washington, D.C. He is the editor of “China 3.0,” published in 2012, "Why Europe will run the 21st Century," which was published into 20 languages and "What does China think?," which was published into 15 languages.

Source:Reuters
Rights:© Thomson Reuters 2013 All rights reserved.