Transatlantic Economic Resources
The transatlantic economy already holds a hugely important role in both the EU and the US economies. In relation to the world economy, the EU and US are each other's largest trading partners, accounting for nearly 40% of overall global trade. Though they already wield extensive influence independently, greater integration will only serve to increase stability. The Streit Council believes that increased integration will only strength the economies of the two great powers as well as increase their ability to compete internationally.
The Streit Council believes that the transatlantic economy should work on fostering an environment conducive to economic integration and coordination. The EU sovereign debt crisis and the subsequent global economic recovery make this subject all the more poignant for policy makers to study.
Current information indicates that the transatlantic economy is very strong. The EU and the US both account for nearly one-fifth of each other's bilateral trade (which includes trade of goods and services), or what amounts to over $1 billion (€718 million) per day. The economic recession lowered trade levels dramatically between the two partners in 2009, but recent data suggests that trade levels are increasing. Steps have been taken within the EU and the wider transatlantic economy to lower barriers to entry and increase trade, including the creation of the Transatlantic Economic Council (TEC), and expansion of the Open Skies agreement, but the Streit Council argues that even more should be done.
As a manner of refashioning the transatlantic economy to be more productive, the Streit Council encourages further liberalization of transatlantic trade, the development of the common market, and the establishment of an integrated monetary policy.