European leaders finally agreed to a more comprehensive plan to help bring the euro out of its current crisis. However, many experts agree that there is still much more that needs to be done to bring Europe, and the global economy as a whole, out of this mess. This week’s AICGS Advisor examines a few of the expert opinions on what still lies ahead:
Peter S. Rashish, Vice President for Europe & Eurasia, U.S Chamber of Commerce, gives his testimony before the House Financial Services subcommittee on International Monetary Policy and Trade on the U.S. implications of the euro zone crisis and what should be done to bolster trade between the two partners.
Ahead of November’s G-20 summit in Cannes, France, Dr. Matthias M. Matthijs and Neil K. Shenai, Johns Hopkins University’s School of Advanced International Studies in Washington, DC, assess the changes …
In his essay entitled The Banking Crisis, Alexander Privitera, Washington-based Special Correspondent for German news channel N24 and frequent AICGS contributor, explains how Europe’s fiscal problems are not just the result of a sovereign debt crisis, but also a banking crisis. Any solution for Europe must focus on the financial institutions across the continent just as much as the debt problems of a number of member states.
In his essay Buying Time, Dr. Tim Stuchtey, Managing Director of the Brandenburgisches Institut für Gesellschaft und Sicherheit (BIGS) and Director of the Business & Economics Program at AICGS, takes a look at the underlying issues of the current financial crisis in Europe and asks whether the current model in Germany can be repeated elsewhere within the euro zone.
In his essay entitled What Can and Must EU Leaders Achieve Ahead of the G-20 Summit?, Peterson Institute for International Economics Research Fellow Dr. Jacob Funk Kirkegaard posits that there is no single answer to the multitude of problems currently facing Europe. However, the upcoming EU Summits must work to take a large step forward in correcting the fiscal situation by making a number of necessary changes.
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In this week’s At Issue, Executive Director Jack Janes examines the growing dissatisfaction with policy-makers and financial institutions in dealing with the current economic crisis, and how this widespread sentiment is leading populations on both sides of the Atlantic to look for a multitude of ways to vent their frustration.
In a recent essay from the German Marshall Fund of the United States entitled Long-Term Questions for Short-Term European Strategy, author Joseph Wood takes a look at the wide array of commentary on the future of Europe sparked by the current crisis. While Europe struggles to find any short-term answers, they must capitalize on this opportunity to lay out concrete plans for the future of the euro, as well as the Union.
In a recent Op-Ed from the New York Times entitled Germans Love Europe, but Not the Euro, former German Ambassador to the United States Wolfgang Ischinger explains how Germany’s reluctance to fully embrace the euro, along with their love of the status quo, has led to their slow efforts at fixing the Union’s crisis. For Chancellor Merkel to lead Europe out of this crisis, she will need to convince Germany that any rescue measures are not simply for the currency, but for the future of the entire Union.
In his essay entitled The Upcoming Blame Game, frequent AICGS contributor Alexander Privitera explores the finger pointing being used by leaders on both sides of the Atlantic in the face of the economic crisis. According to Mr. Privitera, with elections coming up in several countries, including the U.S. and France, not only could the transatlantic blame game get worse, but we may even witness a standstill in policy-making as a whole — the last thing a pair of faltering economies can afford.
Underneath the cloak of a never-ending list of foreign issues lies the heart of the transatlantic relationship: trade. According to the essay The Dirty Secret of U.S.-European Relations by Jan Techau, Director of Carnegie Europe and a frequent AICGS program participant, this makes for a “boring” partnership, despite the general goodwill between both sides. However, with the economic crisis continuing to weaken the global positions of the U.S. and Europe, both sides will have to begin to build a more meaningful relationship to stave off their respective declines.
In his essay entitled Germany’s Vote Does Not Equate to a Blank Check, frequent AICGS contributor Alexander Privitera explains that Merkel and her coalition survived the latest vote on the EFSF, but that the vote may signal a line in the sand for German assistance to profligate members of the euro.
In his essay entitled A New Equation for the Transatlantic Alliance, recently published in the Strategic Europe essay series from Carnegie Europe, Executive Director Jack Janes looks at the unprecedented rise of a deeply integrated Europe, one that is still struggling to find its course within the context of the global stage. Amidst all the current debate about the euro, it is important not to lose sight of how far Europe has come despite the many challenges ahead.