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Common Economic Challenges

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Goethe-Institute/German Cultural Center

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Common Economic Challenges

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