In the end of September, a group of senior trade officials met in Geneva, to initiate a preparatory discussion on the future of the WTO. The debate will be further addressed on October 24-25 at ministerial level by 13 WTO members, a.k.a. the “coalition of the willing”, including the EU, Canada and Japan. Calls for reform spread as Trump’s administration stubbornly blocked the Dispute Settlement System for years, reaching a breaking point last month.
READ MORE2016 has brought us Brexit and Trump, and with them came the loud, mass calls for repeating or at least recounting the votes. So what happened to respecting the will of the people? Don’t get me wrong, I am just as appalled and disappointed by the recent turn in Western politics as you probably are. However, the people have voted and I must respect that. And so do you and so does everyone else. Whether we are happy about the result or not.
READ MOREThe current structure of the budget of the European Union is not adequate to deal with the challenges Europe is facing today, which range from unemployment to terrorism and migration management. The expected budget shortfall after Brexit, however, can spur pressures to reform. At a time when the EU project needs to restore trust and legitimacy, I recommend that spending be focused in view of Europe’s greatest concerns, cutting back on current farm funding.
READ MOREThe Stability and Growth Pact was designed to ensure sound budgetary balances and low public debts in the European Union, ultimately achieving fiscal policy coordination. 18 years after its inception, overburdened by an opaque and intricate web of flexibility clauses, the Pact is de facto dead. Could this be the opportunity to rethink European fiscal governance?
READ MOREFor this month’s Special Report, Prof. Dr. Thomas Straubhaar, professor of Economics at the University of Hamburg, shares his opinion on the current state of affairs in the EU’s economy as well as the future of fiscal integration. He was the Director of the Hamburg Institute of International Economics (HWWI) from 2005 till 2014. In 2005 he joined the IZA Policy fellow network. In 2009 he was awarded the Helmut Schmidt Fellowship of the ZEIT Foundation at the Transatlantic Academy in Washington, DC.
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