July – December 2008

Small steps should pave way to UK 's grand G20 plan
31 December 2008 - Jodie Ginsberg, Reuters
Rather than remaking the world's financial structures, the G20 should focus on curbing protectionism, currency volatility, and what should follow the stimulus measures currently being enacted, analysts say. In the face of American and Chinese resistance to remaking the Bretton Woods institutions, Britain , which chairs the G20 in the coming year, should focus on improving regulation and financial supervision. While protectionist measures have arisen in several states since the G20 summit Washington in November, most countries have taken steps to stimulate their economies. Former IMF chief economist Simon Johnson said the G20 needs to do three things under Britain 's chairmanship: deal with creeping protectionism, address the question of exchange rates, and devise a "what next" plan. The G20 is set to reconvene in London in April 2009.
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Slovakia : welcome to the euro area!
European Commission - Economic and Financial Affairs
On January 1, 2009 , the euro area will welcome Slovakia as the 16 th country to use the common currency as the euro celebrates its 10 th anniversary. From New Year's Day, 328.6 million people will share the same currency. The switch to the euro has provided macroeconomic stability for Slovakia as created great trade opportunities. Businesses and individuals have been buying Slovak euros since September, and Slovak banks will be open over the New Year holiday weekend to facilitate exchanges. Preparations have been underway for months, with both public and private enterprises adapting procedures and training staff to deal with the new currency. Prices will be displayed in both the former Slovak currency and in euros for a year after the changeover. The Slovak one and two euro coins depict a double cross on three hills, a symbol borrowed from the country's coat of arms and a sign of the Slovak nation for five centuries. The 10-, 20-, and 50-cent coins will carry an image of the 9 th-century Bratislava Castle , while the 1-, 2-, and 5-cent coins show the Krivan Peak in the High Tatras rage of the Carpathian Mountains.
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Bad start for new Bretton Woods
28 December 2008 - Financial Times
Having existed for some years, the G20 was called into service in November to draw up a "new Bretton Woods" and sketch out "a grand plan to co-operate in supporting global growth and combating the financial crisis." The cornerstones of the November conference - achieving an outline agreement on the Doha round of trade talks before the end of 2008 and avoiding protectionist measures for 12 months - both failed as developed and emerging markets remained entrenched in opposing positions and Russia, India, Indonesia, Brazil, and Argentina all passed enacted new trade barriers. Rather than pursuing unrealistic panaceas, the G20 should start modestly with serious technical discussions "about discrete issues such as the regulation of credit ratings agencies and banking capital requirements." Smaller achievements will build credibility and lead, in time, to grand bargains on larger issues.
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German Vice-Chancellor interviewed on the importance of the transatlantic partnership
Global Education, Fall 2008 - The Harvard International Review
In a recent interview with Global Education, Frank-Walter Steinmeier asserted that the foundation of the transatlantic partnership is unequaled across the globe. Steimeier, current Vice-Chancellor of Germany and former President of the European Council, was unambiguous on the subject proclaiming, " United States and the European Union are each other's number one partner." A supporter of the Lisbon reform treaty, the Deputy Chancellor believes steps to improve EU decision-making will "make Europe an even more capable partner for America ."
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Advancing Transatlantic Economic Integration through the Transatlantic Economic Council
12 December 2008 - Whitehouse.gov
13 December 2008 - forexpros.com - Rachelle Younglai and Doug Palmer
15 December 2008 - finchannel.com
The third meeting of the Transatlantic Economic Council (TEC) was described today, by a White House Press Release, as a continuation of the " TEC's work to remove barriers to transatlantic trade and investment and promote economic integration." "Dan Price, assistant to President George W. Bush for international economic affairs, told reporters that the third meeting of the so-called TEC was the ‘most productive to date.'" Created in April of 2007, the TEC was "signed by President Bush, German Chancellor Angela Merkel, and European Commission President Jose Manuel Barroso during the U.S.-EU Summit in Washington , DC ." The Transatlantic Economic Council was designed to oversee the creation and advancement of " key priorities, including strengthening regulatory cooperation, capital markets integration, investment, innovation, intellectual property rights protection, and secure trade." Reportedly, the most recent meeting addressed all of these concerns as well as potential responses to the current global economic crisis. Tangible accomplishments of the December 12 th meeting include: an arrangement whereby the EU has agreed to accept US accounting standards (The United States already recognizes accounting standards European companies use), as well as collaborative medical-drug regulatory practices. Additionally, the European Commission publicly encouraged "President-elect Barack Obama to agree to continue the Transatlantic Economic Council, created last year with the goal of creating a barrier-free transatlantic marketplace by 2015." The progress report on US-EU economic and regulatory cooperation, released on December 15 th as part of the meeting of the Transatlantic Economic Council, was reportedly ‘welcomed' by the U.S. Chamber of Commerce. "The Chamber President and CEO Tom Donohue expressed strong support for the continuation of the TEC." In conjunction with the TEC conference, delegates from the US and the EU also met with Members of the United States Congress and European Parliament as well as officials from the Transatlantic Business and Transatlantic Consumers Dialogues.
Whitehouse.gov
forexpros.com
finchannel.com

EU must work with US to combat recession
09 December 2008 - Guardian.co.uk -David Dow
In anticipation of the EU Summit this week, Jose Manuel Barroso called for a "joint EU-US stimulus programmee [sic]." Barroso, European Commission President, argued for the sensibility of "a common Transatlantic response to the economic crisis which could be the basis for a global response." Although the specific economic initiative championed by Barroso has not been universally accepted by all EU-members, the President of European Commission hopes his proposal for a "Transatlantic economic pact to combat the global recession" will strengthen his position through the injection of explicit US support.
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New York and France insurance regulators sign co-operation agreement
04 December 2008 - Insurance Business Review
"New York State Insurance Department and Autorite de Controle des Assurances et des Mutuelles , France 's insurance regulator, have executed a memorandum of understanding allowing for closer co-operation between the two regulatory bodies." The central premise of the memorandum agreed to on Wednesday provides for greater exchange of information relevant to the regulatory responsibilities shared between the two organizations. Supports expect this transatlantic agreement to increase the efficiency and the scope of regulation within the insurance market.
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Andris Piebalgs, the EU Energy Commissioner talks to the World Future in
Abu Dhabi
03 December 2008 - AMEinfo.com - Rana Mesbah
During an interview for the World Future Energy Summit, Andris Piebalgs, the EU Energy Commissioner, stated "EU-US renewable energy trade is likely to continue to grow" with the transition to the new US Administration. Peibalgs noted that both the US and the EU are currently "developing strong incentives to boost the use of renewable energy, to help meet similar energy policy goals." The EU Energy Commissioner encouraged both partners to develop ‘stable policy initiatives' to reduce unwarranted administrative or regulatory burdens on exporters or importers. "Each party would then benefit from the global growth of renewable energy in the most cost effective manner possible."
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Donohue Embarks on Economic Mission to Europe
2 December 2008 - finchannel.com
President and CEO of the U.S. Chamber of Commerce Thomas J. Donohue left on a four-day economic mission to Europe yesterday. He will represent the American business community at the G-8 Business Summit, meet with officials from the EU Commission, and receive a medal of honor from Belgian Crown Prince Philippe. In the face of "challenging economic times on both sides of the Atlantic ," Donohue stressed that "it is more important than ever to build and maintain relationships with our allies in the business community." Donohue's meetings will bring him into contact with French President Sarkozy and EU Commissioner Vice-President Gunter Verheugen.
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The future of Europe 's CAP
20 November 2008 - The Economist
Before its presidency of the European Union ends, France may have plans to orchestrate a continuation of the protectionist policies of the Common Agricultural Policy (CAP). Statements made at the recent G20 conference calling for resolution of the Doha round of trade talks have spurred French action on the issue. As the recipient 10 billion euros out of a total CAP budget of 53 billion, France receives more than twice as much as any other EU country and has much to lose if the policies are reformed. A new French paper praises CAP's core principles, including preference for products produced in the EU, subsidies and public purchase of food when prices fall, preserving farm income, and ensuring food security. Maintaining the CAP in the new budget cycle, set to begin in 2013, is vital to persuade farmers to grow food in the face of volatile commodity prices. However, such a firm stance on the part of the French could be met with opposition from reform-minded governments in Sweden, Denmark, Britain, the Netherlands, and Estonia, as well as the European Commission. Continuation of the CAP policies and extending protectionist measure could hurt relations with the new US administration and trade relations around the world, especially with developing countries.
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State Department rep breaks down US-EU trade relations
20 November 2008 - The Daily Pennsylvanian - Travis Winkler
On Wednesday U.S. Department of State representative Janet Shannon presented an address on the future of U.S. and European Union trade at the University of Pennsylvania 's Lauder Institute of Management and International Studies. Shannon, who works in the Office of Bilateral Trade, focused on the importance of free-trade in the further development of the global market as a means to increase world-GDP. In particular, Shannon noted the significance of trade between the United States and the EU, which accounts for "for roughly 40 percent of global trade, [and] contributes to 60 percent of global GDP." Shannon concluded by urging the "future business leaders in attendance to join trade associations, weigh in on trade policy and join consumer groups, all while keeping an eye on carbon footprints and sustainability."
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G-20 leaders agree to next economic steps
17 November 2008 - The Christian Science Monitor - Peter Grier
16 November 2008 - Associated Press - Emma Vandore
15 November 2008 - Market Watch - Greg Robb
Last Saturday, Washington played host to leaders from twenty of the most economically influential countries in the world. Referred to as the G20 and combining to account for 85 percent of global GDP, this elite group includes, among others, the G-7, members of the European Union, major emerging economies such as China, India, Russia, South Korea, as well as Latin American countries like Brazil and Mexico.  Many around the world view this summit as the brainchild of the French leader Nicholas Sarkozy, whose country currently holds the rotating EU presidency. "In a postmeeting communiqué, leaders of the assembled group of G-20 nations said they agreed a broader policy response is needed to combat the current global economic crisis, based on 'closer macroeconomic cooperation.'" The leaders convened to reach a collective consensus on an appropriate general strategy to combat the recent economic crisis; most expect the task of hammering out the details of this initiative will eventually be left to the financial ministers and advisors from these nations.  Reportedly, the result of the Washington meeting was an 11 page memorandum calling for: increased supervision for banks and lending agencies in the form of "an innovative 'college' of supervisors to oversee the biggest global banks," greater regulation and oversight for large, high-risk investment, an increase in the role of the IMF, the tightening of benefits packages for corporate executives, and a rapid renewal of the Doha global round of trade talks.  Leaders also agreed that this financial downturn has its roots in: unsound risk management, overly complex and opaque investment practices, and the enormous, irresponsible accumulation of debt within numerous national economies. Although US President-elect, Barak Obama was not in attendance, many including Brad Setser, a fellow for geoeconomics at the Council on Foreign Relations, believe that "Obama is likely to accept deeper regulatory reforms at the national level... and his administration is likely to be more willing to join in some new coordinated global effort" Obama will participate in the next G20 meeting, which is scheduled for April 2009.
Read More:
The Christian Science Monitor
Associate Press
Market Watch

Crisis Brings Some Clarity to EU Policymaking
14 November 2008 - The Council on Foreign Relations - James M. Goldgeier and Charles A. Kupchan
The World financial crisis may be the galvanizing force needed to bring the EU together. The recent economic downturn has demanded greater cooperation and dialogue throughout the global community; however, the unprecedented interdependence shared among EU countries has made collaboration between its members even more important. Despite the uncertainty associated with this monetary meltdown, "the European Union's coordinated response to the financial crisis represents a much-needed boost for the European project of political and economic integration." Authors James M. Goldgeier and Charles A. Kupchan argue that "Greater European coherence and capacity also holds out promise of strengthening transatlantic ties. The more willing and able Europe is to team up with Washington...the more likely it is the Atlantic partnership can be repaired and renewed."
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Bush and G20 leaders asked to support IASB independence
11 November 2008 - Financial Director - Gavin Hinks
While many view a coordinated effort by world leaders as the best approach to alleviate the current financial crisis, trustees of the International Accounting Standards Board (IASB) believe independent action from the "board is the best route to a 'globally coordinated approach' on accounting standards and fair value." Leading members of the IASB recently submitted a letter to President Bush and G20 heads of states urging world leaders to "support the independence of the IASB and leave it to get on with its work." "The letter comes ahead of the meeting on Saturday which has accounting and standard setting firmly on its agenda. Nicholas Sarkozy will go to the meeting with a statement signed by EU heads of state saying accounting standard setters will need to be 'reformed' to allow closer cooperation with institutions guarding financial stability." Although the IASB may be at odds with some world leaders regarding methodology, all seem to share the idea that a more "globally coordinated approach" is the first step in returning normalcy to the international marketplace.
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EU, US urge G20 for 'clear signal' on Doha round
11 November 2008 - AFP
Dialogue between leaders at the G20 meeting in Washington this weekend may provide an invaluable opportunity to revitalize the Doha rounds of international trade talks. The last stint of negotiations on this subject collapsed in July when the US and India were unable to come to an agreement over tariff disagreements. Addressing the problems and potential solutions to the current economic crisis is the declared purpose of the upcoming meeting in the US capital; however, multinational agreement on international trade will surely be an important aspect of this process.
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Gordon Brown to warn Barack Obama on dangers of protectionism
10 November 2008 - The London Times - Sam Coates
British Prime Minister Gordon Brown is expected to call for the formation of a "new multilateralism" during the annual Mansion House foreign policy address on Tuesday. Excerpts from the speech also contain Brown's opinion that the financial crisis should be seen as an opportunity to "forge a new multilateralism that is both hard headed and progressive. And if we learn from our experience of turning unity of purpose into unity of action, we can together seize this moment of change in our world to create a truly global society." This address may, in part, be targeted at the incoming US administration, which has been viewed by some European leaders with a degree of skepticism based on the fear that President-elect Obama may implement protectionist trade policies. Speaking to these concerns, Brown will point to the need for the establishment of stronger US-EU relations: "The alliance between Britain and the US - and more broadly between Europe and the US - can and must provide leadership, not in order to make the rules ourselves, but to lead the global effort to build a stronger and more just international order. The transatlantic relationship has been the engine of effective multilateralism for the past 50 years."
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White House says EU, US hold common ground ahead of finance summit
9 November 2008 - AFP
After EU leaders met in Brussels on Friday to agree on their approach to the upcoming Group of 20 summit, the White House expressed its belief that the US shares "common ground" with the EU in proposed approaches to the current financial crisis. The EU has called for a "broad overhaul of the global financial architecture," while the US , Canada , and others were thought to prefer a stimulus-led response. EU leaders said that a second summit should be called early next year.
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The Shape of the Future: The Transatlantic Economy by 2025
31 October 2008 - Joseph Quinlan, Transatlantic Fellow, The German Marshall Fund of the United States
In a policy paper for the German Marshall Fund of the United States, noted global economist Joseph Quinlan writes about the future of the transatlantic economy in 2025. Quinlan asserts that over the next seventeen years, the rise of the rest of the world - China, India, Brazil, Turkey, and other developing nations - will increase their share of the global economy as well as their power within. The transatlantic economy will see its share of global GDP shrink to 33% on the basis of purchasing power parity in 2025 from 44% in 2007. Globalization will take its lead more from the developing world. Rather than interpreting this shift as the decline of the transatlantic economy and power in general, Quinlan encourages the "transatlantic peoples" to develop the mindset that integrating more nations into the global economy will benefit all involved. Europe and the United States must follow a three-pronged strategy, according to Quinlan: identify and cooperate in areas of mutual interest, actively engaging developing states on issues concerning all; strengthen the transatlantic partnership, because a stronger alliance will be better able to meet the challenges of the future; and address problems at home, including reforming entitlement programs in the US and implementing greater reform and deregulation in the EU market and execute the Lisbon Agenda. However, in addition to the construction of new ties, Quinlan underlines the importance of "removing the remaining barriers to trade" in order to "significantly improve the competitiveness of the transatlantic economy."
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(Quinlan's Charts on theTransatlantic Economy)

Finance, climate to boost 'EU-US cooperation'
29 October 2008 - EurActiv.com
Tom Spencer, the executive director of the European Centre for Public Affairs, said that the current financial crisis and future cooperation on climate change will shape the trans-Atlantic relationship after the presidential election. Explaining that relations between the US and Europe have become too focused on "business and banking" and lack the "intimacy" of previous generation, he believes that they will improve under the next president. Calling climate change and energy "the key building blocks of power," Spencer called on the US to cooperate with global partners on finding a solution to climate change at the Copenhagen conference next year.
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G7 vows unity as IMF agrees new rescue plan
27 October 2008 - Channelnewsasia.com
The Group of Seven affirmed their "shared interest in a strong and stable international financial system" on Monday in an attempt to calm growing fears of global recession. The announcement of cooperation came in the wake of requests to the IMF from Ukraine , Hungary , Belarus , Pakistan , and other countries for emergency aid. Leaders raised concerns about volatilities in Asian stock markets and currency trading.
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Italy supports G8 expansion proposal
24 October 2008 - RIA Novosti
Italian Prime Minister Silvio Berlusconi confirmed the proposal to expand the G8 to the G14. Making the announcement at the Asian-European Meeting in Beijing , Berlusconi acknowledged the need for the inclusion of China , India , South Africa , Mexico and Brazil in addressing the global financial crisis. The new G14 would represent 80% of the world's economy.
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A Second Bretton Woods
13 October 2008 - The Globalist - Richard Phillips
Richard Phillips, Senior Index Analyst for S-Network Global Indexes and long time consultant on multinational financial institutions calls for monetary officials and leading economists to rewrite the rules of international finance. Even though recent neoconservative US foreign policy in the current administration has fostered a sense of unilateralism, especially regarding global sentiments toward the United States, the existing "economic crisis demand multilateral consensus over and above all other factors." An upgraded Bretton Woods is a requirement. The tenets of the original, post-WWII Bretton Woods no longer adequately address the complexities and the global nature of the current international financial system. Philips describes the need for a consensus between the leading global powers resulting in the immediate creation of a new economic system. According to Phillips, this new agreement must be marked by two new multilateral institutions. "The first new body, a Global Wealth Fund," would essentially be a multinational account. This fund would consist of "an enormous amount of capital - upwards of $3 trillion," which would be derived from mutual investment and designed to "assure global borrowers that short-term liquidity is available at reasonable rates of interest, [thus] restoring confidence in the markets and allow[ing] for a rational process of stabilization." "The second new body, a World Financial Regulatory Authority" would "define the new rules of global finance that will apply to all financial entities that operate across borders." This institution would oblige those who desire a place in the new global economy to operate within a set of commonly constructed guidelines. "The enforcement mechanism would work in much the same way as the European Union promulgates its rules. The Regulatory Authority would issue directives, which would then be enacted into law by the member countries. Such a process would allow the global financial system to come under a uniform and consistent set of rules, even as individual countries maintain complete sovereignty over their domestic financial systems." In addition, "this entity must put an immediate end to the concept of competitive deregulation," a process whereby financial centers weaken their regulatory oversight to attract business from other financial centers. Along with nearly all financial experts, Phillips reiterates the point that this is a global problem requiring global solutions. The world has witnessed a fiery wreck in which the experiment of unilateral cowboy-economics has brought the global financial system to its knees. Picking up the pieces is no longer an option. The world economy can be reborn only through international cooperation and the implementation of functional, contemporary, multilateral financial institutions.
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G8 could open to emerging economies: Berlusconi
21 October 2008 - Zeenews.com
On Tuesday, Italian Prime Minister Silvio Berlusconi joined UN Secretary General Ban Ki-moon and a number of world leaders in expressing his desire to see the G8 expanded to include "the biggest emerging economies." Italy is poised to take the helm of the G8 this coming January; PM Berlusconi has argued, "the G8 could become a forum which can deal better with current economic problems." Berlusconi's recent comments reiterate the need for greater multilateral steps in an attempt to combat the current, global economic crisis.
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Sarkozy calls for Eurozone Economic Government
21 October 2008 - France 24
On Saturday President Bush and French President Nicolas Sarkozy announced that emergency global summits on finance will be held beginning before to the end of November. "The summit will review steps being taken by the US and Europe to rescue the financial system, including banks and other finance firms, from being pulled down through the collapse of the housing bubble." Representing the 27 nation European Union, Sarkozy called for collaboration between the EU and US to ensure the future of capitalism through a system that hinges on international cooperation and responsibility.
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EU US Agre to Crisis Summits
20 October 2008 - EuropeanVoice.com
US President Bush, French President Sarkozy, European Commission Presdient José Manuel Barroso have agreed to hold a series of summits to address the challenges facing the global economy. Leaders from Russia , Brazil , China , India , Mexico , South Africa , and South Korea are likely to join their counterparts from G7 states at these meetings, the first of which is expected in late November. Sarkozy and UK Prime Minister Brown have both expressed their desire for closer supervision and regulation, which may prove to be a contentious issue in these summits.
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US, EU Leaders Announce Global Finance Crisis Summits
19 October 2008 - Deutsche Welle
On Saturday President Bush and French President Nicolas Sarkozy announced that emergency global summits on finance will be held beginning before to the end of November. "The summit will review steps being taken by the US and Europe to rescue the financial system, including banks and other finance firms, from being pulled down through the collapse of the housing bubble." Representing the 27 nation European Union, Sarkozy called for collaboration between the EU and US to ensure the future of capitalism through a system that hinges on international cooperation and responsibility.
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Going Global
18 October 2008 - The Washington Post - Harold Meyerson
The globalizing trend towards multi-national corporations has led to a vacuum of regulation and jurisdiction. For companies based in one county and manufacturing in another, the accountability of government oversight becomes unclear. The recent economic crisis has forced governments to address national and international responsibility. Closer international cooperation has been the new focus in the implementation of global solutions. The days of successful government intervention at a national level seem to be coming to an end. Today, greater international cooperation is a necessity at both the governmental level and at the organizational level. Intergovernmental cooperation must keep pace with the rate at which individual companies are expanding partnerships and reaching into the global marketplace. "Emboldened by the provisional success of their cross-border coordination, Brown, French President Nicholas Sarkozy and other European leaders are calling for the convening of a global conference to create some global rules of the road -- a Bretton Woods 2.0" Leaders hope that this conference will result in an agreement on the same scale as the original 1944 Bretton Woods Agreements but with important differences that address current international economic trends. It seems clear that the principals of National financial oversight will need to be adjusted to the emerging global nature of the economy.
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Out of the Ashes
18 October 2008 - The Washington Post - Gordon Brown
In an Op-ed piece in the Washington Post on Friday, British Prime Minister Gordon Brown pointed to the recent economic crisis as an opportunity to rebuild an out-of-date international economic system. Brown reiterated the point that has become clear to all world and financial leaders: the current economic downturn is a global problem, requiring a global solution. "There are no Britain-only or Europe-only or America-only solutions to today's problems. We are all in this together, and we can only resolve this crisis together." Prime Minister Brown acknowledged the need the international community to revisit the 1944 Bretton Woods Agreements and arrive at a consensus for upgrading this system. The new Bretton Woods accord must be constructed on the basis of international cooperation and must be "rebuilt for a wholly new era in which there is global, not national, competition and open, not closed, economies. International flows of capital are so big they can overwhelm individual governments." According to Prime Minister Brown, a collective agreement from the upcoming international financial summits is a necessity and must be representative of a new system based on: "a more responsible approach to executive remuneration that rewards hard work, effort and enterprise but not irresponsible risk-taking; and the renewal of our international institutions to make them effective early-warning systems for the world economy."
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Brown seeks global 'early warning' system crises
15 October 2008 - Bloomberg - James G. Neuger and Mark Deen
British Prime Minister Gordon Brown made a plea for and "early warning' system in an international effort to prevent the current economic downturn from repeating in the future. In addition to, The British bank-bailout plan that was copied across Europe and in the U.S. urging for "a strengthening of the International Monetary Fund and better monitoring of global companies and banks," world leaders continue to propose additional major international reforms. The predominant theme in the aftermath of the global 'credit-crisis has been the universal need for some form of international financial regulation. "'We now have global financial markets, but what we do not have is anything other than national and regional regulation and supervision,' Brown told a Brussels press conference today before a two-day European Union summit."
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US, Europe Plan to Bail Out Banks
13 October 2008 - CBS News
As the International Monetary Fund and World Bank held their annual meetings over the weekend, financial leaders on both sides of the Atlantic came to rapid consensus over the need for ubiquitous action to quell skyrocketing financial concerns. Although many of the domestic policies required will come from national governments, experts warn against isolationist financial policies. US "Treasury Secretary Henry Paulson called for coordinated, international steps to deal with the global financial crisis, warning a meeting of the world's financial leaders that isolation and protectionism could deepen problems." The recent global credit crisis is further evidence of the extreme interdependence of the world economy. A solution will surely require the same interconnectedness and cooperation that led to the endemic nature of this problem.
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G7, Eurozone countries coordinate reaction to financial crisis
12 October 2008 - AFP
Leaders of the Group of Seven countries met over the weekend and adopted an action plan that the IMF called "a breakthrough with the first global pledge to cooperate to stabilize the turmoil at the meetings." Following the meeting in Washington , leaders of the fifteen nations that comprise the Eurozone met in Paris and agreed to a bank rescue plan. French President Nicholas Sarkozy explained that "governments would buy into banks to boost their finances and guarantee inter-bank lending." Germany , the UK , and France , as well as Australia , New Zealand , and the UAE, have already taken moves to guarantee deposits.
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Monetary chiefs in historic harmony
9 October 2008 - Financial Times
Reversing what had been seen as differing approaches to the current financial crisis, the Federal Reserve and the European Central Bank showed unity in cutting interest rates. Central Banks in England , Canada , Switzerland , and Sweden echoed the move, showing the transatlantic nature of the crisis as well as cooperation. China and Australia have made similar moves this week. The coordinated effort maximizes the chance that the central banks' actions might positively shock the credit markets.
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French G8 proposal receives Canadian backing
8 October 2008 - AFP
Canadian Prime Minister Stephen Harper has endorsed a proposal by French President Nicholas Sarkozy to convene an emergency summit of G8 leaders to discuss reforms to the global financial system. When G7 finance ministers meet in Washington on Friday, Canadian Finance Minister Jim Flaherty will voice support for the proposal and convey the belief that other nations should adopt Canada 's mortgage rules, which have kept Canada largely insulated from the current crisis.
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Transatlantic Pharmaceutical Regulatory Cooperation
7 October 2008 - Dow Jones Business News
During a recent meeting in London , The European Commission (EC), the European Medicines Agency (EMEA) and the United States Food and Drug Administration (FDA) "affirmed their commitment to regulatory cooperation and to intensifying their interactions in several new areas." The agencies agreed to increase cooperation in a variety of medical fields including advanced-therapy medicines and nanotechnology-derived medicinal products, as well as on the exchange of "pharmacovigilance information." Launched in November 2007, the "Transatlantic Administrative Simplification initiative" has been gaining momentum; both the US and the EU both agree "that the transatlantic cooperation activities continue to be successful in protecting and promoting global human and animal health."
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EU-US Talks Focus on Liberalization of Airline Ownership
29 September 2008 - ATW Daily News
During the US-EU Phase II open skies talks in late September, negotiators focused on foreign ownership rules. A European official involved in the talks explained that the objective of Europeans was to "complete the transatlantic liberalization" by "opening up investment" in airlines across borders.
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Plans for Free Trade between Canada and EU Progress
29 September 2008 - The Montreal Gazette
Talks could begin later this month on a new trade deal between Canada and the European Union. A report carried in The Globe and Mail cited a government study that predicted such an agreement could increase annual bilateral trade by a minimum of $40 billion. One Euro-official described the upcoming talks as "deep economic integration negotiations." The deal, if successfully negotiated, would create deeper economic integration than NAFTA.
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Transatlantic cable will boost North West economy
23 September 2008 - Derry Journal
A transatlantic cable, the first of its kind between the US and N. Ireland , is expected to be completed by 2011. The telecommunications cable is expected to "generate millions of pounds of economic activity and investment to Derry Il., according to the Department of Enterprise, Trade and Investment (DETI)." International telecommunication is widely seen as absolutely vital to participation in the global economy. Investors, as well as diplomatic leaders are hoping that this advancement in transatlantic financial ties will serve as a mutually beneficial economic life-line for the region. "A similar project in Dublin has seen huge corporations including Microsoft, Amazon and Google set up base there."
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US-EU Match network connects American and European businesses, research institutes
2 September 2008 - CIOL News Reports
The US-EU Match network is due to launch on September 10. With the aim of helping small- and medium-sized American businesses, research institutes, and universities establish ties to their European counterparts, the new network "will significantly enhance transatlantic innovation and trade initiatives," said Angelos Pangratis, Deputy Head of the Delegation of the European Commission to the United States . This new network will link up with the Enterprise Europe Network, comprised of close to 600 partner organizations in more than 40 countries. Led by a consortium of European and American businesses, the US-EU Match network will provide institutes and businesses with a range of services, including networking opportunities, training workshops, research calls for proposals.
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ANSI Teams with European Standards Organizations for Conference
20 August 2008 -Thomas Net: Industrial News Room
The American National Standards Institute (ANSI) is in the process of co-organizing a conference intended to support and improve "transatlantic regulatory and economic cooperation." On September 24, 2008 the U.S. Chamber of Commerce in Washington, DC will play host to: company "stakeholders from the private and public sectors in both the U.S. and Europe, including representatives of industry, government, standards developing organizations, conformity assessment bodies, and the scientific and technical communities." Presenters are expected to offer "a series of standards and conformity assessment case studies that highlight successes - and challenges - pertaining to market access and/or market acceptance and how the lessons learned are influencing current and future U.S.-EU trade."
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Nanogen Announces Combination with The Elitech Group
14 August 2008 -The Wall Street Journal Digital Network
Nanogen announced the success of a deal that would combine the San Diego based company with The Elitech Group, based is Paris.  The newly created in vitro diagnostics company is expected to produce over $150 million in revenue during the first full year of operation.  Separately, "Nanogen provides innovative, high quality diagnostic products to clinicians, physicians and researchers worldwide;" while "The Elitech Group is a high growth, profitable in vitro diagnostic company with global sales and distribution capabilities in over 100 countries."  Already a transatlantic player, "The Elitech Group acquired Wescor Inc., Utah USA to broaden its biomedical products platform and to provide a base for business expansion in the USA."  The nascent partnership is expected to become a global "provider of products in the molecular, point-of-care, clinical chemistry and microbiology diagnostics market."
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Top 100: The Mergers and Acquisitions Wave Rolls On

12 August 2008 -Flight International - Niall O'Keeffe
After the 2006 slump in the overall value of mergers and acquisitions between transatlantic corporations, "the value of such deals leapt from $1.8 billion to $12.6 billion [in 2007], evenly split between money going to and from Europe. The two largest deals of the year were both UK-US: General Electric spent $4.8 billion on the acquisition of the aerospace division of Smiths Group and BAE Systems invested $4.5 billion on Armor Holdings."  The aerospace and defense industry headlined the 2007 economic push.  This escalation in transatlantic economic interdependence shows the financial strength and shared economic confidence vital to the deepening of ties between the US and Europe.
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New Transatlantic Proposal on Nuclear Safeguards
4 Aug 2008 - Balkan Insight.com
The European Commission has authorized itself to negotiate widening the current agreement between the European Atomic Energy Community (Euratom) and the United States Department of Energy (USDOE) in a negotiation mandate it published this week.   The current agreement, which was most recently amended in 1995, was intended" to improve and strengthen the methodologies and technologies necessary for the implementation of nuclear safeguards" and "to coordinate their respective activities in support for third countries."  The new negotiations propose to widen the current framework to include cooperating on research, "development and training in the field of nuclear security, paying particular attention to training and to the coordination of the programmes that both partners implement in support for third countries."
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BA Closes In on American Alliances
3 August 2008 - BBC News
British Airways announced that it is optimistic of reaching an agreement for an alliance with its rival, American Airlines, in the coming weeks.  Though already partners in the One World Alliance, allowing members to share airport facilities, this agreement would "see them work much more closely to try to cut costs in areas such as technology, ticketing and administration."  However, in the past the two companies have been unable to circumvent US competition laws."
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Russia Wants to Fight Illegal Immigration with EU, US: Envoy
29 July 2008 - EUBusiness
"Russia wants to join with the European Union and the United States to combat illegal immigration and organised crime and is not looking to undermine NATO, Moscow's envoy to the alliance said Tuesday".  Ambassador Dmitry Rogozin stated, "What Russia foresees is the reinforcement of Europe's security architecture through a troika of the three principle actors: the European Union, United States and Russia".  Russia has criticized existing organizations such as the NATO as ineffective in solving Europe's security problems.  NATO ambassadors however have been critical of the proposal. (Read More).

EU, U.S. 'Encouraged' by WTO Service Negotiations
27 July 2008 - EUBusiness
"Top trade negotiators for the European Union and the United States on Saturday said they were encouraged by world trade talks on the subject of services."  Negotiations of the WTO's Doha Round include ministers from over 35 countries who have been unable to reach an agreement for the past seven years. US Trade Representative Susan Schwab stated, "Whether it was the developed countries or the developing countries' participants, this conversation about services, the first really that the ministers have had together, was a good step forward, a positive step forward". 
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Doha Trade Talks Stall over Farm Imports
29 July 2008 - The Financial Times- Alan Beattie and Frances Williams
Talks in the World Trade Organization, yesterday, "stalled over measures permitting developing countries to protect farmers from rising imports."  Advocates of the protection of small farmers were China and India, whereas the U.S. opposed the measure seeing it as breaking up the flow of the negotiations, and France, who would like to see China open more of its sectors to foreign competition.  As a consequence of the dispute "Pascal Lamy, the World Trade Organisation director-general, last night postponed the issue of an updated ­version of the draft agreement he had circulated on Friday."
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G8 Not Going Far Enough
25 July 2008 - The Guardian - Jeffrey Sachs
According to Jeffrey Sachs, writing in the Guardian, the recent G8 summit in Hokkaido, Japan missed the opportunity to make real change.  He states that many of the problems that G8 member states face are global problems, such as " high food and energy prices, and an increasingly unstable global climate and global economy, none of which they can address on their own." Among the areas in need of improvement for the G8 are "the incoherence of American leadership," and "the disconnection between global scientific expertise and politicians." In order to reduce these problems G8 members should provide proper funding.  Sachs states that "Global solutions to poverty, food production, and development of new clean energy technology will require annual investments of roughly $350bn, or 1% of GNP of the rich world," a manageable cost for such high rewards.  Sachs also accuses the G8 of neglecting potential institutional resources such as the UN and the World Bank, which could help the G8 "to implement global solutions."  While relatively vague on what the technical aspects of G8 agreements should be, he believes that they should be transparent and have clear timetables."
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EU Proposes Partial Ban on Seal Products
24 July 2008 - Deutsche Welle
"The European Commission has proposed banning products made from seals killed in inhumane ways."  If enacted this ban would most affect Canada who kills 275,000 seals annually.  Canadian Prime Minister Steven Harper was opposed to the ban, but stated that in Canada seals are hunted in humane ways.  "Canada, Greenland and Namibia account for about 60 percent of the 900,000 seals hunted each year. Seals are also hunted in Iceland, Norway, Russia, and the United States as well as in EU members Britain, Finland and Sweden."  Support from the initiative came from French President Nicolas Sarkozy who was reported saying "'everything would be done' during the French presidency of the European Union to adopt a law banning imports of seal products in the EU."
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U.S., EU Need Shared Solutions for Illegal Immigration, Op-ed Argues
22 July 2008 - Stewart Baker, "Finding Solutions to a Shared Problem" - International Herald Tribune
Baker, the U.S. Department of Homeland Security's assistant secretary for policy, argues that both the U.S. and the EU need to better cooperate on solutions to a rising transatlantic concern: illegal immigration. Among the new policies he advocates, both should strenuously apply the principle of rapid return, which binds nations to accept back their citizens who tried to enter another country illegally. Additionally, both need to practice better information-sharing on asylum fraud cases and develop common standards for border security technology, including biometrics. Baker highlights the importance of the EU and the U.S. coming together on this issue: "The ease of travel and the permeability of international borders will drive increased immigration - legal and illegal. Now is the time for the EU and the U.S. to begin working together to combat illegal migration while encouraging legal migration."
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New Recommendations Made by Transatlantic Business Dialogue
May 2008
The Transatlantic Business Dialogue made several recommendations in May 2008 to the Transatlantic Economic Council to strengthen transatlantic relations.  The memo details specific steps that the Counsel should take to encourage open trade.  This includes establishing an International Financial Reporting system, preventing the violation of intellectual property rights by third world countries, establishing a standard for auditing and financial market rules, and having safe and efficient borders.  It also recommends expanding the TEC's agenda to include energy efficiency, development and regulation, and increasing transparency and communication in global finance.
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EU: U.S. Diplomats Will Need Visas if No Progress is Made on Visa Waivers for 12 EU Nations
12 July 2008 - Associated Press
Today, the European Union threatened the United States with visa restrictions if it does not change its visa requirement policy for 12 EU states.  Though the majority of EU states are part of the American visa-waiver program, citizens from 12 EU states still require a visa to be obtained at US embassies or consulates in advance to enter the US. "The U.S. visa waiver program, created in 1988, was originally focused on preventing illegal immigration. But since Sept. 11, 2001, the focus has shifted to security, and the program has been altered several times in hope of strengthening America's ability to prevent terrorism".
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US, EU Optimistic on Trade Talks Despite Banana Row
18 July 2008 - Reuters - Jonathan Lynn
"The top U.S. and EU trade officials expressed cautious optimism on Thursday about next week's make-or-break talks to secure an outline trade deal."  There has been much disagreement between rich and poor countries over trade and tariff issues concerning agricultural goods, threatening the success of the World Trade Organization's Doha round.  The negotiations, initiated in 2001, aim to create a "fairer world trading system and address the needs of millions of subsistence farmers in India and other developing countries", yet have faced repeated setbacks.
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UK & US Agree to Speed up Travel For 'Trusted People' Using Biometric IT System
4 July 2008 - Public Technology.net
An initiative was recently launched to allow "trusted" people who travel between the US and UK to quickly pass through security. Using fingerprint, iris, or racial recognition technology at both borders will allow travelers to pass through while maintaining security. Economic Secretary Kitty Ussher stated, "We know the huge contribution that the talented people who come to work here make to our financial services sector in particular - around a quarter of senior managers in finance and business in London are born abroad."
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U.S. and European Aerospace Leaders Agree to Greater Cooperation on Ethics, Environment
15 July 2008 - Aerospace Industries Association
On Tuesday, representatives from aerospace companies in the United States and Europe met at the Farnborough International Airshow and "agreed to close collaboration on ethical business practices as well as efforts to improve aviation's impact on the environment."  The leaders agreed to meet at an environmental summit in Paris in the fall to continue talks.  Discussing the importance of open and fair markets, ASD Secretary-General Francois Gayet stated, "Transatlantic cooperation is essential to tackle environmental and technological challenges".
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US, EU, Australia Partner in Facility Inspections"
11 July 2008 - Pharmaceutical Business Review
The US Department of Health and Human Services, the FDA, and their corresponding departments in Europe and Australia will coordinate their efforts to improve drug-manufacturing facilities inspections across the globe.  This move is in reaction to recent deaths and other injuries caused by unsafe products imported from abroad.  Such instances highlight the FDA's limited ability to guarantee the safety of imported pharmaceuticals, and demonstrate the need for such transatlantic cooperation. (Read More).

"US, EU quest for bio fuel behind food price hike
8 July 2008 - CNN-IBN - Taapsi Ramchandani and Deepshikha Sharma
Rising oil prices has led an increase in demand of bio fuel in the EU and US, as countries look to become less dependent on foreign oil imports.  However, according to the World Bank, this has led to a 75% increase in commodity prices.  "The report claims that without the increase in bio fuels, global wheat and maize stocks would not have declined substantially and therefore the hike in price due to other factors would have been moderate".  The sudden increase in food prices has led to over one hundred million people falling below the poverty line.  This pressing issue will be on the agenda of the G8 summit.
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UNITE Marriage with USW to Form Global Union
3 July 2008 - printweek.com - Niall Magennis
Unite, the UK's largest workers union, is set to sign an agreement with UWS, the largest private sector union in the US, to form Workers Uniting.  This new union, formed in response to the pressure of lower wages from globalization, will represent over three million workers from several different countries.  This union will allow collective bargaining to be coordinated in companies operating in different countries. Tony Woodley, joint general secretary of Unite, stated, "This agreement will enable us to use our considerable resources to organise workers from new and growing sectors at home and in developing counties".  The new union is expected to have a lot of political influence, given their past donations to different political parties.
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GAMA Welcomes US-Europe Bilateral Agreement on Aviation Safety
1 July 2008 - AMT
On June 30 2008, a US-European Bilateral Aviation Safety Agreement was signed between the FAA and the European Aviation Safety Agency (EASA), enhancing "air safety while reducing regulatory burdens and costs for manufacturers, operators and aviation authorities in the U.S. and Europe". This agreement fosters cooperation in areas such as "aircraft certification, environmental approvals, and maintenance". Pete Bunce, president and CEO of the General Aviation Manufacturers Association stated, "We view this strategic partnership between the U.S. and the European Community as a real milestone that will advance our shared safety visions. The relationship between the U.S. and Europe has proven its resilience and continued transatlantic cooperation will increase efficiency and help bring new products to the global market more expeditiously. It's good for aviation safety and business, it's good for Europe, and it's good for the United States."
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