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Common Economic Challenges

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Goethe-Institute/German Cultural Center

Goethe-Institute/German Cultural Center

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  • 1. INTRODUCTION OF THE EURO AND THE THE EUROPEAN UNION
  • 2. Partners in Global Leadership
    • The EU and U.S. work together:
      • Fighting terrorism and transnational crime
      • Advancing global trade liberalization
      • Combating piracy and intellectual property violations
      • Promoting peace, freedom and the rule of law
  • 3. In the EU
    • American companies invest far more in EU countries than in Asia.
      • U.S. businesses make 5 times the profit in the Netherlands - alone - as they make in China.
      • In 2005, EU investments in Texas alone surpassed all U.S. investments in China and Japan, combined.
  • 4.
    • The Euro has been a political integration project
    • It was also an attempt to engineer European identity and citizenship by creating a monetary symbol
    • Money has historically been a driver of identity and statehood creation
    EU in CRISIS
  • 5.
    • Is a key challenge for the Union
    • Fear of loss of social network is key factor (Eurofound 2005)
    • Language barriers are also still a major problem
    • Enlargement as mobility driver - experience of 2004 enlargement in UK
    Labor Mobility
  • 6. Banking to Sovereign Debt Crisis
    • Proof of insufficient nature of SGP (crisis factors)  Spanish debt levels pre crisis were 43% of GDP (66% in Germany)
    • No general picture across the PIIGS
    • Huge increase of public debt in Ireland as result of taking over of bank liabilities
    • Economically speaking crisis still easily manageable
  • 7. Conclusion
    • The whole project of European integration is at a watershed
    • Urgent political leadership is needed
    • Already political backlashes
    • There has already been a lot of damage with a whole generation of young southern Europeans disillusioned
  • 8. Owen Fayer, MBA student, LFGSM Onno Huckmann, Germany Franck Lirzin, France Ott Werner,Goethe Institute, Chicago Common Economic Challenges in Europe Conference JoAnn Swank, MBA student, LFGSM

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