Winter 2023 Issue: New Economic World Order

Editorial

Henning Hoff

New Economic World Order

The EU can play a key role shaping the current changes of globalization. It should keep its eye on the transatlantic relationship.

What Europe Thinks ...

Luke Johnson

What Europe Thinks ... About Trade

Germans want the EU to shield their companies in similar ways the United States and China do. Transatlantic unity would be preferable, though.

Cover Section

Gabriel Felbermayr

Guntram Wolff

How Europe Can Shape Changes in the World Economy

The frenetic growth of world trade has been over for some time. Geopolitical risks are now leading to a new order.

Sabine Weyand

“Reports of Globalization’s Death Are Greatly Exaggerated”

Can the EU hold its own between the United States and China? Yes, as long as its internal market remains attractive, says Sabine Weyand, the European Commission’s Director-General for Trade.

Claudia Schmucker

The World Trade Crisis

Geopolitical and geoeconomic conflicts are mounting, and the EU is responding with renewed vigor in trade agreements.

Vladislav Inozemtsev

Russia’s Economic Self-Destruction and Its Consequences

Russia’s war against Ukraine marks less a rupture in globalization than Russia’s self-imposed removal from the global economy.

Alicia García Herrero

The Almighty Dollar?

Global economic changes make it likely that the international monetary system will no longer be so dominated by the dollar. The question, though, is whether the euro or the yuan can take on the baton.

Berlin Cable

Henning Hoff

Germany’s National Security Strategy Is in Limbo

The chancellery and the finance ministry have put the brakes on the process that was supposed to lead to the publication of Germany’s first-ever National Security Strategy.

Pariscope

Joseph de Weck

No Zeitenwende in Paris

Germany is in the middle of a vibrant debate about its future foreign policy. In France, Macron decides alone.

Carbon Critical

Noah J. Gordon

Europe Reminds the World What Climate Policy Looks Like

So much attention has been paid to the US climate legislation, the Inflation Reduction Act, that the EU’s own, larger climate package has flown under the radar.

Brussels Briefing

Rebecca Christie

Digital Euro Blurs the Lines Between Money and Politics

A central bank-backed digital currency would put the EU in the global vanguard when it comes to taking cash payments online.

Indo-Pacific Watch

Helena Legarda

Xi’s Indo-Pacific Charm Offensive

The Chinese president has gone out of his way to court European leaders. This should not be misread as a policy shift.

Germany and Eastern Europe

Lukas Paul Schmelter

How Germany Lost the Trust of Eastern Europe

It is one of the great failures of German foreign policy that it dismissed the warnings of its Eastern European neighbors about Russia’s bellicose intentions.

Kristi Raik

Germany’s Zeitenwende Fails to Address Europe’s New Geopolitical Reality

Germany has started to change course but it is not yet ready, mentally or militarily, to manage the threat that Russia is likely to pose.

The Wider View

Sara Bazoobandi

Iran’s Difficult Path to Freedom

The government has lost its legitimacy. However, there are no convincing scenarios for regime change.

Quarterly Concerns

Hans Kundnani

Europe’s Geopolitical Confusion

Those calling for a more “geopolitical” European Union rarely define exactly what that means.