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Barack Obama’s State of the Union address paid little attention to foreign policy. Europeans must take note and realize that the era of the old transatlantic relationship is over.
Spanish unemployment is largely due to German austerity. As long as Spain cannot run its own monetary policy, Madrid cannot address the root cause of its unemployment crisis.
Every week a selection of leading experts answer a new question from Judy Dempsey on the foreign and security policy challenges shaping Europe’s role in the world.
Russia has repeatedly resorted to imposing embargoes on EU countries to test Europeans’ unity. Yet in almost all cases, Moscow’s bullying has failed to break EU solidarity.
Unskilled migrants offer many economic advantages for recipient countries in the West. As Europeans get richer and older, they will need more and more unskilled immigrants.
Too much financial regulation is nearly as bad as too little. Public and private institutions together need to find a new approach to ensure that the rules are “just right.”
China’s economy does not need to grow at 7.5 percent a year. What matters is that Chinese households continue to improve their lives at the rate to which they are accustomed.
If China is to rebalance its economy, the policies that subsidized Chinese exports must be reversed. As this happens, manufacturing in the rest of the world will surge.
Brazil, Russia, India, China, and South Africa are setting up a development bank. That is good news, as it increases their stake in a rules-based liberal world order.
Moscow has overcome its shock over the Cypriot bailout, even finding the deal useful domestically. But the crisis has profoundly changed Russian attitudes toward Europe.
Beijing is facing a financial dilemma: it must reduce investment and slow the growth of debt, but if it does so it will face stiff opposition from vested interests.
The decision to endorse a bailout deal that included a levy on bank deposits was legally dubious, morally unjustifiable, managerially inept, and economically foolish.
By embracing the proposed Transatlantic Trade and Investment Partnership, political leaders can send a strong message of support for open markets and liberal capitalism.
Growth will not return to Europe until Europeans heed the lessons of past financial crises and permanently resolve their debt problems.
The old transatlantic partnership, centered on security, is in decline. But an emerging new partnership, built around a transatlantic marketplace, offers the prospect for Europe and the United States to build a strong pillar of liberal world order.
The euro crisis cannot be resolved if only low-savings countries adjust, because their low savings rates may themselves have been caused partly by high savings abroad.
While the idea of creating a Transatlantic Free Trade Area has ignited the imagination of strategic thinkers in Europe and America, the project may still fail over mundane details.
This year may mark the beginning of China’s most difficult period since the beginning of the reforms in 1978.
Without a huge increase in German spending, there is no way to eliminate years of unemployment, in which case Madrid must quickly decide whether the pain will be paid by German households or by Spanish households.
Europeans are so concerned with the crises in peripheral economies that it will come as a surprise that we may be at the beginning of a developing crisis in China.
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