http://www.atlanticcapitalism.eu New Atlantic Capitalism BLOG http://www.atlanticcapitalism.eu/post.php?id=45 This paper is the final report of the New Atlantic Capitalism project. With the objective of examining the pressing economic challenges facing both the EU and the US as a consequence of the financial crisis, the Great Recession and the crisis in the euro area, we have focused on the transatlantic points of convergence and divergence. We conclude that the US and Europe will walk separate ways at their own peril. We suggest that only by joining forces can the transatlantic community most effectively respond to these economic challenges, protect American and European interests and help ensure the prosperity and peace that has been the post-war legacy of the transatlantic alliance.  The report contains concrete recommendation in eight policy areas - Transatlantic Market Integration,  Transatlantic Economic Dialogue,  Financial Markets,  Energy and Climate,  Innovation, Social Policy, Common Neighborhoods and Maintaining a Level-Playing Field. The report concludes that the policies across the Atlantic have to be more coordinated and aligned, to effectively counter the risks and volatilities of the globalized economy. http://www.atlanticcapitalism.eu/post.php?id=45 http://www.atlanticcapitalism.eu/post.php?id=46 This paper is the final report of the New Atlantic Capitalism project. With the objective of examining the pressing economic challenges facing both the EU and the US as a consequence of the financial crisis, the Great Recession and the crisis in the euro area, we have focused on the transatlantic points of convergence and divergence. We conclude that the US and Europe will walk separate ways at their own peril. We suggest that only by joining forces can the transatlantic community most effectively respond to these economic challenges, protect American and European interests and help ensure the prosperity and peace that has been the post-war legacy of the transatlantic alliance.  The report contains concrete recommendation in eight policy areas - Transatlantic Market Integration,  Transatlantic Economic Dialogue,  Financial Markets,  Energy and Climate,  Innovation, Social Policy, Common Neighborhoods and Maintaining a Level-Playing Field. The report concludes that the policies across the Atlantic have to be more coordinated and aligned, to effectively counter the risks and volatilities of the globalized economy. Read the FULL REPORT. http://www.atlanticcapitalism.eu/post.php?id=46 http://www.atlanticcapitalism.eu/post.php?id=44 demosEUROPA - Centre for European Strategy and the European Policy Centre invite you to Brussels to a presentation of the report "The Case for Renewing Transatlantic Capitalism", the final report of the New Atlantic Capitalism project. The key-note speech will be delivered by Karel de Gucht, EU Commissioner for Trade. See the programme and register!   http://www.atlanticcapitalism.eu/post.php?id=44 http://www.atlanticcapitalism.eu/post.php?id=43 demosEUROPA - Centre for European Strategy and the German Marshall Fund of the United States invite you to a presentation of the report "The Case for Renewing Transatlantic Capitalism", the final report of the New Atlantic Capitalism project. The key-note speech will be delivered by Professor Marek Belka, President of the National Bank of Poland. See the programme and register!   http://www.atlanticcapitalism.eu/post.php?id=43 http://www.atlanticcapitalism.eu/post.php?id=42 The fourth and final session of New Atlantic Capitalism took place on 24-25 October in New York, and was hosted by the Polish Mission to the United Nations. The analytical papers are already available in our resources section, and the include: A Transatlantic Trade and Investment Growth Agenda, by Peter Chase, Non-resident Fellow, German Marshall Fund, and U.S. Chamber of Commerce Senior Representative for Europe How could convergence in EU-US financial regulation be enhanced? by Marc-Antoine Lacroix, Director at Promontory France The full summary of the discussions would be available soon.   http://www.atlanticcapitalism.eu/post.php?id=42 http://www.atlanticcapitalism.eu/post.php?id=40 In this analytical paper Peter Chase, Non-resident Fellow, German Marshall Fund, and U.S. Chamber of Commerce Senior Representative for Europe, presents a number of options to boost trade and investment between the EU and the US. They constitute a building blocks that can be tackled separetely and will lead to a closer economic integration across the Atlantic. http://www.atlanticcapitalism.eu/post.php?id=40 http://www.atlanticcapitalism.eu/post.php?id=41 This paper, by Marc-Antoine Lacroix, Former Representative of French Treasury in New-York., gives an overview of the regulatory divergencce and convergence in the area of financial reforms. It also offers some concrete proposals aimed at enhancing the dialogue between the US and the UE in this field. http://www.atlanticcapitalism.eu/post.php?id=41 http://www.atlanticcapitalism.eu/post.php?id=38 In his paper, Professor Ziga Turk, gives an overview of the challenges standing ahead of Europe. It covers demography, innovation and changing patterns of industrial production. This paper draws from the works of the reflection group chaired by Felipe Gonzalez, which presented its report on the future of Europe a year ago. http://www.atlanticcapitalism.eu/post.php?id=38 http://www.atlanticcapitalism.eu/post.php?id=35 In this paper, presented during the NAC session in Paris, Professor Peter Bofinger analyses the policy directions taken by the governments after the crisis. Contrary to popular belief, there was no strengthening of the role of the state, but to the contrary - more policy areas are being liberalized.   http://www.atlanticcapitalism.eu/post.php?id=35 http://www.atlanticcapitalism.eu/post.php?id=36 Kati Suominen, Transatlantic Fellow at the GMF, presents her views on the issue of global macroeconomic imbalances. The text also contains the policy reccomendations, both for Europeans and Americans, as to how to deal with this problem. These range from making the neccesary adjustments at home, through strenghtening the monitoring process at the G20 level to facilitating changes in the emerging economies. All the most important points can be found in the summary of the paper, while some additional comments are also in the presentation presented in Paris. http://www.atlanticcapitalism.eu/post.php?id=36 http://www.atlanticcapitalism.eu/post.php?id=37 This paper, prepared by Bruce Stokes, gives an overview of some of the recent opinion polls on the values that stand behind the varieties of capitalism across the world. They show different perceptions of the role of the state, the chances ond threats of free markets and  attitude towards free trade. http://www.atlanticcapitalism.eu/post.php?id=37 http://www.atlanticcapitalism.eu/post.php?id=39 The analytical papers from the third seminar session of the New Atlantic Capitalism that took place on 20-21 June in Paris are already availalbe in our resources section! The full report of the discussion would be available soon. http://www.atlanticcapitalism.eu/post.php?id=39 http://www.atlanticcapitalism.eu/post.php?id=34 In his presentation, Jörg Decressin, Assistant Director in the Reseach Department of the IMF, gives an overview of the European and American economies in the recovery phase after the crisis. Basing on IMF estimates, he outlines the key trends and challenges.  Mr. Decressin was a guest speaker at the NAC session in Washington on 4 March.  http://www.atlanticcapitalism.eu/post.php?id=34 http://www.atlanticcapitalism.eu/post.php?id=28 "Narcissism of Minor Differences or Major Economic Rifts?" is a paper prepared by Stormy-Annika Mildner and Daniela Schwarzer from Stiftung Wissenschaft und Politik for the session on Determinants of Transatlantic Economic Relations during the NAC session in Washington DC. It presents four case studies "to gain a better understanding of the glue and centrifugal powers in the transatlantic economy: immediate crisis management, macroeconomic imbalances, financial regulation and transatlantic integration." http://www.atlanticcapitalism.eu/post.php?id=28 http://www.atlanticcapitalism.eu/post.php?id=29 "The New Transatlantic Capitalism and the Prospects for the Job Creation in the Recovery" is the paper presented by Jacob Funk Kirkegaard from Peterson Intitute for International Economics for the second session of NAC in Washington DC. It analyses the trends in employment and unemployment indicators both in EU and the US and also presents the systemic changes in job creation in various sectors of both economies. It concludes with the main challenges for US and the EU for avoiding the jobless recovery. http://www.atlanticcapitalism.eu/post.php?id=29 http://www.atlanticcapitalism.eu/post.php?id=30 "Winning the Prosperity: Creating a New Economic Growth Path", prepared by Sherle Schwenninger for the second session of NAC describes the current state of the American economy and presents the steps that should be taken to put it on a long-term growth path. It also indentifies pitfalls and opportunities of the policies proposed by the current government, and the possible headwinds stemming from adverse global conditions. A summary of main points is also available. http://www.atlanticcapitalism.eu/post.php?id=30 http://www.atlanticcapitalism.eu/post.php?id=31 The paper on "Inclusive Growth" has been prepared for the second NAC session by Professor Iain Begg from the London School of Economics and was presented by Fabian Zuleeg. It consideres various definitions of the notion of inclusiveness and its apications to European and US economic models. Also, it assess the influence of the crisis on inclusive growth and puts forward some policy recommendations.  http://www.atlanticcapitalism.eu/post.php?id=31 http://www.atlanticcapitalism.eu/post.php?id=32 "The West in the Deadly Hug of Chinese Vampire Squid", a paper presented by Professor Krzysztof RybiÅ„ski during the second session of NAC in Washington DC is an analysis of the economic relations between China and Europe and the US (the West). It takes stock of the unprecedented economic growth of China and, on that basis, puts forward long-term proposals for long-term actions to increase the Western strategic capacity and renew its economic growth. http://www.atlanticcapitalism.eu/post.php?id=32 http://www.atlanticcapitalism.eu/post.php?id=33 The papers presented during the second session of New Atlantic Capitalism, which took place in Washington DC on 3-4 March, are already available in our resources section. They include : "Narcissism of Minor Differences or Major Economic Rifts?. Determinants of Transatlantic Economic Relations" by Stormy-Annika Mildner and Daniela Schwarzer, "The New Transatlantic Capitalism and the Prospects for the Job Creation in the Recovery" by Jacob Funk Kirkegaard, "Inclusive Growth" by Iain Begg, "Winning the Prosperity: Creating a New Economic Growth Path" by Sherle Schwenninger and "The West in the Deadly Hug of Chinese Vampire Squid" by Professor Krzysztof RybiÅ„ski all papers can be downloaded HERE (.zip file). The full summary of the discussions will be available soon. http://www.atlanticcapitalism.eu/post.php?id=33 http://www.atlanticcapitalism.eu/post.php?id=27 Second session of the New Atlantic Capitalism would take part on 3-4 March in Washington DC and would be hosted by the German Marshal Fund. This time, there would be no public debate, but a day-and-a-half of intensive discussions in the Expert Group. The topics will include: Determinants of Transatlantic Economic Relations; The New Transatlantic Capitalism and the Prospects for Job Creation in the Recovery;  New Sources of Growth in Transatlantic Capitalism from European and US perspectives; Inclusive Growth. We would also have the pleasure to host two prominent guest speakers: Mr. Jared Bernstein, Chief Economist and Economic Policy Adviser to Vice President Joe Biden and Mr. Jörg Decressin, Assistant Director of the Research Department in the International Monetary Fund. The analytical papers for this session would be available in the Resources section soon. http://www.atlanticcapitalism.eu/post.php?id=27 http://www.atlanticcapitalism.eu/post.php?id=26 New Atlantic Capitalism welcomes new experts who would join us in Washington, during the second session of the project. Krzysztof RybiÅ„ski, Jacob Funk Kirkegaard, Fabian Zuleeg and Klaus-Peter Müller are very experienced economists dealing with international economic systems, European integration and with an extensive experience in private banking in one of the biggest international financial groups - Commerzbank. You can see their profiles in our Experts section. http://www.atlanticcapitalism.eu/post.php?id=26 http://www.atlanticcapitalism.eu/post.php?id=24 This is an IMF Working Paper, that gives some theorethical backgroud to the view that the rising inequality was one of the sources of the current crisis. http://www.atlanticcapitalism.eu/post.php?id=24 http://www.atlanticcapitalism.eu/post.php?id=25 In our resources section there is and interesting study by IMF on the connections between rising inequality and the current crisis. In can serve as a useful background for the current debate lead by The Economist (see also articiles here and here). http://www.atlanticcapitalism.eu/post.php?id=25 http://www.atlanticcapitalism.eu/post.php?id=23 We woulk like to welcome two new members of the expert team of New Atlantic Capitalism. Mr. Sherle R. Schwenninger, Director of the Economic Growth Program at the New America Foundation and Mr. Joe Quinlan, Chief Market Strategist at the Bank of America. http://www.atlanticcapitalism.eu/post.php?id=23 http://www.atlanticcapitalism.eu/post.php?id=22 Tommaso Padoa-Schioppa, President of Notre Europe, died on 18 December 2010. He would be remembered as one of the legendary leaders who provided strong vision and commitment to the process of European integration thoughout his life. He was also one of the founding fathers of the euro. Recently, we have been honoured to have Tommaso Padoa-Schioppa as a member of the New Atlantic Capitalism, and we have been looking forward to his contribution to this project. Let us share, on behalf of the NAC team, the words of sympathy with all the member of Notre Europe. http://www.atlanticcapitalism.eu/post.php?id=22 http://www.atlanticcapitalism.eu/post.php?id=21 This report by Notre Europe can serve as a background material for the project. It is based on the work of a High Level Task Force established in 2009 and comprising high-ranking former European statesmen and ministers. http://www.atlanticcapitalism.eu/post.php?id=21 http://www.atlanticcapitalism.eu/post.php?id=19 This paper and presentation by Barry Anderson discuss the issues of budget process rules in the context of rising fiscal deficits. The paper presents alternative fiscal control measures and opts for the spending rule as a most efficient tool.  http://www.atlanticcapitalism.eu/post.php?id=19 http://www.atlanticcapitalism.eu/post.php?id=20 This presentation by Bruce Stokes has been an introduction for the first session during the NAC meeting in Warsaw. http://www.atlanticcapitalism.eu/post.php?id=20 http://www.atlanticcapitalism.eu/post.php?id=12 Are we going to witness the emergence of a New Atlantic Capitalism, and what should be its foundations as regards fiscal and monetary policies? Or is the underlying dynamics in the global economy inevitably working towards a further differentiation between the capitalisms of America, Europe, Asia and “the Rest”? demosEUROPA - Centre for European Strategy, Notre Europe, Stiftung Wissenschaft und Politik and The German Marshall Fund of the United States jointly invite you to a public debate and the launch of the New Atlantic Capitalism project.  7 December 2010; Warsaw The summary of the discussion is available here. http://www.atlanticcapitalism.eu/post.php?id=12 http://www.atlanticcapitalism.eu/post.php?id=15 This paper by Ms. Maya MacGuineas from New America Foundation deals with the fiscal situation in the United States, its huge deficits and prospects for "Turning the Fiscal Situation Around".  http://www.atlanticcapitalism.eu/post.php?id=15 http://www.atlanticcapitalism.eu/post.php?id=14 In our resouces section please find the programming papers for the first session of New Atlantic Capitalism. The paper by Notre Europe describes the current state of the US and the European economies and examines the strength of the recovery with the help of the most recent IMF and OECD outlook reports. It also puts forward some general reflections on the prospects for growth in these two economies over the next decade. GMF has provided us with the material on prospects for fiscal consolidation in the US, with some hints on what should be done to fix the public finance. Also, we can recommend the paper which has not been prepared especially for NAC, but presents a useful insight into American debates and budgetary plans. This is the Comparison of Fiscal Plans, put together by the Peterson Foundation. All papers can be also downloaded here (.zip file) http://www.atlanticcapitalism.eu/post.php?id=14 http://www.atlanticcapitalism.eu/post.php?id=13 This Programming Paper prepared for the first session of New Atlantic Capitalism presents the overview of the macroeconomic situation and prospects for growth in Europe and the US. It has been prepared by Ms. Eulalia Rubio from Notre Europe. http://www.atlanticcapitalism.eu/post.php?id=13 http://www.atlanticcapitalism.eu/post.php?id=16 This paper, although not prepared especially for NAC, provides an throughout comparison of fiscal consolidation plans presented recently in the United States, which can serve as an important background for the discussion. http://www.atlanticcapitalism.eu/post.php?id=16 http://www.atlanticcapitalism.eu/post.php?id=17 demosEUROPA - Centre for European Strategy (Warsaw), Notre Europe (Paris), Stiftung Wissenschaft und Politik (Berlin) and the German Marshall Fund of the United States (Washington DC) would like to invite you to participate in our new joint project New Atlantic Capitalism. The main aim of the project is to increase understanding of the policy process which shapes the new economic model on both sides of the Atlantic. We would examine the emerging new economic models in the US and the European Union, with the special focus on the character and effectiveness of the impact of fiscal stimuli, effects of exit strategies and especially systemic features of the emerging world economic order. More about the project and participating institutions can be found here. To achieve those goals, we have established a High Level Group of representatives of our four think tanks as well as a number of external experts specializing in various fields of economy. The Group will meet four times from December 2010 to October 2011 in four different locations - Warsaw, Washington DC, Paris and New York. The result of these works would be a report, that would be presented on public conferences in Brussels and Washington DC in late 2011 and early 2012. On this website you can follow the workings of the Group, register for accompanying public events and read the relevant resources, such as programming papers, presentations, partial and final report. You can also post your comments and take part in the major economic discussion of the 21st century! http://www.atlanticcapitalism.eu/post.php?id=17