Creating a Transatlantic Market
The transatlantic market is the paramount challenge facing the European Union and the United States. Both Governments have a global responsibility to work together in this time of economic ambiguity. Both must respond to this economic crisis developing strategies that guarantee sustainable prosperity, while also rendering future collapses improbable. This requires a shared transatlantic approach that is supportive of mutual interests and seeks to enhance the current economic governance structure to allow power to be diffused to all players in the system more effectively and logically.
Creating a stronger and better integrated transatlantic markets can be traced from the idea that a "laissez-faire approach' to the world's single most important economic relationship is neither sustainable nor defensible". The "Framework for Advancing Transatlantic Economic Integration between the USA and the EU", signed in April 2007, was a strong move in promoting closer EU-US cooperation. It provides greater cooperation among the transatlantic markets and also established the Transatlantic Economic Council.
The currency crises of the 1990s and the current economic and financial collapse have depicted the fragility of the current system. The work of the TEC and other related organizations, will alleviate problems, through more thorough regulation needed by the global community. While critics have argued increased collaboration will generate unwanted bureaucracy, the structure of the transatlantic economic agreement will be geared towards specific goals and economic gains. Many actors, including governments, businesses, and individuals, are intrinsically intertwined in the plan for a Transatlantic Market by 2025.
These changes have provided a very promising springboard for the expansion of transatlantic cooperation in other areas. Continued work and improvement are necessary if transatlantic economic cooperation is to be expanded. For more information, please click here.