Future is Blue
Europe’s response to Chinese and American economic competition
Apr 17, 2024
Sander Tordoir, a Senior Economist at the Centre for European Reform, discusses Europe's response to rising economic nationalism from superpowers. He highlights Europe's cautious strategies compared to the aggressive tactics of the US and China, emphasizing the need for policy reform. The dialogue explores the importance of technological collaboration and a unified approach to green industry, while underscoring the critical role of the single market in maintaining Europe's economic strategy and autonomy.
22:50
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Quick takeaways
- Europe's cautious response to economic nationalism, exemplified by the Net Zero Industry Act, contrasts sharply with the aggressive strategies employed by the US and China.
- Strengthening EU-US cooperation through initiatives like a 'subsidies club' is essential to enhance competitiveness and mitigate dependency on China.
Deep dives
Europe's Response to Global Economic Nationalism
Europe's reaction to the rise of economic nationalism in the US and China has been characterized by cautious measures rather than aggressive actions. While the US and China have implemented significant strategies, such as the Inflation Reduction Act and extensive subsidies to foster domestic industries, Europe's measures appear less robust. For instance, Europe has introduced the Net Zero Industry Act and the EU Chips Act but these initiatives fall short in comparison to the scale of investment and support seen in the US and China. This approach may reflect Europe's desire to avoid large deficits, yet it raises concerns about the effectiveness of its strategies in maintaining global competitiveness.
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