The EU and the Political Economy of Transatlantic Relations

325 Pages·2013·2.039 MB·English

by  Finn Laursen (editor)

Transatlantic economic relations remain extremely important
for the European Union as well as for other countries in the
world. When it comes to trade and foreign direct investment,
the EU and the United States remain arguably the world’s most
powerful actors, despite the financial crisis which started in
the United States in 2007 and subsequently spread to Europe
and to the Eurozone in particular. This crisis has created great
economic strain on both Europe and North America, with
politicians trying to muddle through and disagreeing on which
strategy to adopt. The dominance of the Atlantic countries in TThhee eeUU aanndd TThhee
the global political economy is now challenged by new
emerging powers, including the so-called BRICS (Brazil,
Russia, India, China and South Africa). These countries have Fin Th Finn LaursEN (ed.) PPoolliiTTiiccaall eeccoonnoommyy
succeeded in keeping much higher growth rates than Europe n La e P
and North America, although they too are now affected by the ur o ooff TTrraannssaaTTllaannTTiicc
s l
global economic crisis. EN iT
(ed ica rreellaaTTiioonnss
This book is focused on these issues as well as other issues .) l
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in transatlantic relations, including competition and environ- c
o
ment policy. Given the complex interdependence of transat- n
o
lantic countries they need to work together to solve the issues m
that divide them. o. 51 y o
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Finn Laursen received his PhD from the University of ” s sa
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Pennsylvania in 1980. He now holds a Canada Research Chair c T
(Tier 1) of EU Studies at Dalhousie University, Halifax. In 2007 oli la
P n
he has also received an ad personam Jean Monnet Chair and n T
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he is director of the EU Centre of Excellence at Dalhousie. e c
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Previously he has been professor at the European Institute of r e
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Public Administration, Maastricht (1988-1995), and Professor “ a
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of International Politics at the University of Southern Denmark, s io
Odense (1999-2006). sel n
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IsBN 978-90-5201-900-0 L
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P
E. P.I.E. Peter Lang
P.I.
Transatlantic economic relations remain extremely important
for the European Union as well as for other countries in the
world. When it comes to trade and foreign direct investment,
the EU and the United States remain arguably the world’s most
powerful actors, despite the financial crisis which started in
the United States in 2007 and subsequently spread to Europe
and to the Eurozone in particular. This crisis has created great
economic strain on both Europe and North America, with
politicians trying to muddle through and disagreeing on which
strategy to adopt. The dominance of the Atlantic countries in The eeUU aanndd TThhee
the global political economy is now challenged by new
emerging powers, including the so-called BRICS (Brazil,
Russia, India, China and South Africa). These countries have Fin Th Finn LaursEN (ed.) PPoolliiTTiiccaall eeccoonnoommyy
succeeded in keeping much higher growth rates than Europe n La e P
and North America, although they too are now affected by the ur o ooff TTrraannssaaTTllaannTTiicc
s l
global economic crisis. EN iT
(ed ica rreellaaTTiioonnss
This book is focused on these issues as well as other issues .) l
e
in transatlantic relations, including competition and environ- c
o
ment policy. Given the complex interdependence of transat- n
o
lantic countries they need to work together to solve the issues m
that divide them. o. 51 y o
N f
es, Tr
ri a
e n
Finn Laursen received his PhD from the University of ” s sa
Pennsylvania in 1980. He now holds a Canada Research Chair cy T
(Tier 1) of EU Studies at Dalhousie University, Halifax. In 2007 oli la
P n
he has also received an ad personam Jean Monnet Chair and n T
a i
he is director of the EU Centre of Excellence at Dalhousie. ope c r
Previously he has been professor at the European Institute of r e
u l
Public Administration, Maastricht (1988-1995), and Professor “E a
• T
of International Politics at the University of Southern Denmark, s io
Odense (1999-2006). ssel ns
u
r
B
g,
n
a
L
r
e
et
P
E. P.I.E. Peter Lang
P.I.
1
2
The EU and the Political
Economy of Transatlantic
Relations
P.I.E. Peter Lang
Bruxelles · Bern · Berlin · Frankfurt am Main · New York · Oxford · Wien
3
4
Finn LAURSEN (ed.)
The EU and the Political
Economy of Transatlantic
Relations
“European Policy”
No. 51
5
The book is published under the auspices of the EU Centre of
Excellence at Dalhousie University with financial support from the
European Commission.
No part of this book may be reproduced in any form, by print, photocopy, microfilm
or any other means, without prior written permission from the publisher.
All rights reserved.
© P.I.E. PETER LANG S.A.
Éditions scientifiques internationales
Brussels, 2012
1 avenue Maurice, B-1050 Brussels, Belgium
[email protected]; www.peterlang.com

ISSN 1376-0890
ISBN 978-90-5201-900-0 (Paperback)
ISBN 978­3­0352­6271­1 (eBook)
D/2012/5678/108
Printed in Germany
Library of Congress Cataloging-in-Publication Data
The EU and the political economy of transatlantic relations / Finn Laursen (ed.).
p. cm. -- (European policy ; no. 51)
Includes bibliographical references and index. ISBN 978-90-5201-900-0 (alk. paper)
1. European Union countries--Foreign economic relations--North America.
2. North America--Foreign economic relations--European Union countries.
3. European Union countries--Commercial policy. 4. North America--Commercial
policy. I. Laursen, Finn.
HF1531.Z4N748 20123 37.1'42097--dc23 2012038257
CIP also available from the British Library, UK.
Bibliographic information published by “Die Deutsche Nationalbibliothek”. “Die
Deutsche Nationalbibliothek” lists this publication in the “Deutsche Nationalbibliografie”;
detailed bibliographic data is available on the Internet at <http://dnb.de>.
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Contents
Preface .................................................................................................... 9
Acknowledgements .............................................................................. 11
List of Abbreviations ........................................................................... 13
PART I. INTRODUCTION
The EU and Transatlantic Economic Relations.
Interdependence and Shifting Regime Constellations ...................... 19
Finn Laursen
The Looming Crisis. The Fiscal Unsustainability
of Western Governments .................................................................... 47
Joseph J. DioGuardi
PART II. TRANSATLANTIC RELATIONS,
ECONOMIC GOVERNANCE, AND SYSTEMIC RISKS
The American and European Challenges.
Financial Stabilization and Structural Reforms
to Avoid Collapse, Limit Recession,
and Promote Competitiveness ............................................................ 59
Ferran Brunet
Transatlantic Perspectives on Systemic Risk after the Crisis.
Twin Objectives or an Uneasy Marriage? ......................................... 81
Priya Nandita Pooran
PART III. TRANSATLANTIC RELATIONS AND TRADE
Beyond the Competition for Liberalisation.
Free Trade Agreements and the Emerging
of the Transnational Competitive State ........................................... 101
Maria Behrens

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Embedding Liberalisation. Will CETA Undermine
the Social Dimension of Transatlantic Integration? ....................... 123
Robert Finbow
The EU-Canada Comprehensive Economic
and Trade Agreement and E-Commerce ........................................ 147
Nanette Neuwahl and Nicolas Vermeys
The Other Transatlantic Relationship.
The European Union and Latin America ........................................ 171
Roberto Domínguez
PART IV. TRANSATLANTIC RELATIONS,
COMPETITION POLICY, AND THE ENVIRONMENT
In Search of a Coherent Transatlantic Antitrust Policy ................ 191
Declan J. Walsh
EU and Canadian Merger Policy.
Similar Origins and Divergent Regulations .................................... 205
Christian Marfels and James Sawler
The Role of the EU, the US, and China
in Addressing Climate Change ......................................................... 221
Rafael Leal-Arcas
Why Are Canada and the EU Attacking Each Other’s
Green-Energy Initiatives? The Limits and Tensions
of Ecological Modernization ............................................................. 261
Anders Hayden
By Way of Conclusions. Explaining Transatlantic
Economic Relations and Looking Towards the Future .................. 289
Finn Laursen
List of Contributors ........................................................................... 301
Index ................................................................................................... 307

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