“The transatlantic economy: Adapting to new realities"

Murphy, Brian M. (2003) “The transatlantic economy: Adapting to new realities". In: UNSPECIFIED, Nashville, TN. (Unpublished)

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Abstract

Patterns of investment, mergers, and networking are countervailing forces to the conditions provoking discord in the transatlantic partnership. Too much focus has been devoted to trade to the neglect of the more enduring influences generated by increased investment levels. Mutual self-interest will more than likely act as a buffer to some of the tendencies stirring economic combat. Basic issues on which living standards depend-ranging from pensions to employment status-will become elements of a regulatory agenda as a matter of course. This means that closer coordination on regulatory matters is beginning to surface as a transatlantic priority to reconcile. The difficulty is finding an acceptable ground for compromise. Since the EU and U.S. have different attitudes toward the tolerable scope of regulatory intervention, the framework for a settlement will be a hard bargain to negotiate. Yet it will happen and, in the process, the civic and economic areas will become increasingly intertwined across the Atlantic. After all, it is economics -not security or even culture-that constitutes the glue holding together the transatlantic alliance today. The purpose of this paper is not to predict what will happen but to isolate the ingredients that would promote a healthy transatlantic adjustment to the new economic realities.

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