The Transatlantic Economic Challenge

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The fate of the transatlantic economy is the transcendental challenge facing the European Union and the United States. Governments on both sides of the Atlantic have a self-interest, as well as a responsibility to the world community, to work together in this time of economic upheaval both in dealing with the crisis and in devising Euro-American economic initiatives to ensure a more sustainable and prosperous future. This effort will require a shared EU-U.S. vision and a set of transatlantic best practices that will support mutual interests and elaborate an economic governance structure that better reflects the diffusion of interests in the modern international system. In this new report, two authors, from either side of the Atlantic, argue that Europeans and Americans need to work together to broaden and deepen the transatlantic market; reform the multilateral trading system; restructure the World Bank and IMF; better coordinate monetary, fiscal, and financial sector policies; improve ties with the developing world; and jointly address the challenges posed by China, India, and other emerging market economies.