Friday , July 30 2021
Home / Project Syndicate / Finding Europe’s Way in the World

Finding Europe’s Way in the World

Summary:
For historical reasons, Europe has long resided in the strategic shadow of the United States, which itself has underwritten decades of globalization and rapidly expanding prosperity. But the global balance of power is rapidly shifting, leaving Europe increasingly exposed. BERLIN – The European Union, and particularly Germany, have yet to rise to the challenge posed by the United States’ retreat from global leadership. But, given the new competition from China, together with Russia’s renewed great-power aspirations, Western countries must find a way to cooperate more closely. Restoring Fiscal Order in the United States Tsokur/Getty Images

Topics:
Sigmar Gabriel considers the following as important:

This could be interesting, too:

Tyler Cowen writes Wednesday assorted links

FT Alphaville writes Big tech: trees can grow to the sky

Tyler Cowen writes My excellent Conversation with Niall Ferguson

FT Alphaville writes Now is not the time for central bank digital currencies

For historical reasons, Europe has long resided in the strategic shadow of the United States, which itself has underwritten decades of globalization and rapidly expanding prosperity. But the global balance of power is rapidly shifting, leaving Europe increasingly exposed.

BERLIN – The European Union, and particularly Germany, have yet to rise to the challenge posed by the United States’ retreat from global leadership. But, given the new competition from China, together with Russia’s renewed great-power aspirations, Western countries must find a way to cooperate more closely.

To that end, five issues seem vital. The first is Germany’s relationship with the US, which is now under severe stress. The elephant in the room is Germany’s failure to increase its annual defense spending to 2% of GDP, as agreed at the 2014 NATO summit in Wales. For obvious historical reasons, Germany is hesitant to become Europe’s de facto military power. Were it to meet its spending commitment, it would be allocating €80 billion ($89 billion) per year to the Bundeswehr, which is €46 billion more than what France

Leave a Reply

Your email address will not be published. Required fields are marked *