With high unemployment and low growth in both the U.S. and the EU, the current euro zone crisis has made it abundantly clear that both economies truly depend on one another. According to his essay Time for Economic Offense, originally published by the German Marshall Fund of the United States, Bruce Stokes, Senior Transatlantic Fellow at the GMF and regular AICGS program participant and contributor, argues that now is the time for leaders from both sides to take the necessary steps towards collective increases in trade and growth.
For the United States, there is much to fear from Europe’s debt crisis but not much it can do, writes Bruce Stokes of The National Journal, a regular contributor to the Advisor. Washington has a huge financial stake in the taming of the euro crisis, Stokes argues, but the tools that exist to limit the damage are very limited. This article originally appeared in the May 28, 2011, edition of The National Journal.
The Stresses of Deep Integration: The Transatlantic Relationship’s New Economic and Political Challenges
As a consequence of deepening transatlantic economic integration, trade and financial ties between the United States and Germany today are a vital part of the bilateral relationship and of relations between the United States and Europe. Economic interdependence has brought mutual benefit…