One of the defining features of the global economic landscape over the past decade has been the increasing integration and cohesion of the transatlantic economy. Globalisation is happening faster and reaching deeper between Europe and America than between any other two continents. Europeans and Americans have become so intertwined that they are literally in each other’s business, with linkages underpinning a $3 trillion economy and providing up to 14 million ‘insourced’ jobs on both sides of the Atlantic.
In this new CEPS book produced jointly with the Centre for Transatlantic Relations at Johns Hopkins University in Washington, D.C., experts examine the phenomenon of deep transatlantic integration and its implications for a truly free transatlantic market. Case studies are presented in such sectors as aerospace and civil aviation, biopharmaceuticals, services, financial markets and telecommunications, as well as in such controversial policy areas as climate change and emissions trading, corporate governance, and chemicals regulation.
In addition to yielding immense economic benefits, the authors find that the phenomenon of deep integration can also generate frictions when different systems rub up against each other. They conclude that neither the framework for the relationship nor the ways our governments are currently organised adequately capture these new realities.