Obama and EU to reinvent global politics, pundit says (Steps Towards a New World Order)
2008-11-06 0:00

From: euobserver.com


The Obama administration will play a big role in "reinventing" the international system, especially on the financial side, in strong partnership with the EU, US foreign policy expert David J. Rothkopf said on Wednesday.

A former trade offical in the Clinton administration and a consultant on foreign affairs and emerging markets, Mr Rothkopf was talking from Washington during a video-conference organized by the Brussels branch of the Carnegie Endowment for International Peace, an international think-tank associated with the US State Department.

"President Obama will play a bigger role in re-inventing the international system than any other president before in past decades," Mr Rothkopf argued, with a number of organisations and treaties badly needing an "update" or to be replaced altogether – ranging from the stalled Doha round of trade talks known to the non-proliferation treaty, as well as outdated bodies such as the G7 or the International Monetary Fund that don't include the emerging economies such as China.

US-EU relations will "clearly" improve, with a second trip to Europe probably taking place in the first months of his mandate, Mr Rothkopf said.

The tendency of the Democratic Party to be "more comfortable" with multi-lateralism and listening to its European partners will also contribute to improving relations, he said.

But there was also a "necessity" for this partnership to improve, Mr Rothkopf argued.

"We can't do things alone, we need partnerships and burden sharing. I would expect a debate within NATO about a broader role and sense of burden sharing," he said, mentioning Afghanistan as an example where European help is needed.

"Problems within Europe are going to have an impact on this as much as US obligations are, to the extent that the EU is divided on some of the big issues of the time and on the nature of the common foreign policy and common defence policy," Mr Rothkopf added.

New global financial regulator and IMF reform

Mr Rothkopf emphasised the need for a global financial regulator – something the G20 meeting in Washington on 15 November is still unlikely to agree upon, with the outgoing Bush administration opposing this idea and the Obama team yet not in charge.

But G20 leaders would probably agree to meet again in the first months of 2009, when both the creation of such a body, as well as the reform of the IMF could take a more concrete shape.

He spoke of a "regulatory renaissance" and of of "fusion capitalism", by which he means seeing European and Asian visions of capitalism and how markets are to be regulated take greater prominance on the international stage, and not just the so-called Washington Consensus. Yet on the down side, Mr Rothkopf warned against "blazing new trails on protectionism" that would isolate economies and only aggravate problems.

In terms of what a global financial regulator would look like, Mr Rothkopf mentioned the EU as an example of "creating super-national structures," while also noting the problem of enforcement. "Getting everybody in a room and agreeing on principles is easy – this is what we are probably going to get on 15 November – but next year we'll see whether we'll get institutions that have the ability to enforce new global standards on the international financial markets. That's going to be the challenge," he said.

Any financial agreement would also foresee a leadership role for the US, in coalition with the EU and other countries, Mr Rothkopf projected.

Article from: http://euobserver.com/9/27054



Related Articles
G20 (Group of economies)


Latest News from our Front Page

The Truth About Starbucks New Coconut Milk: It Isn’t Really Coconut Milk
2015-03-03 22:14
In an attempt to appeal to the non-dairy crowd, Starbucks is bringing “coconut milk” to the masses. After a successful trial run in select cities at the behest of their customers, Starbucks has decided to push forward with their dairy alternative. Providing a non-dairy alternative to dairy and soy is the second most requested customer idea of all time from MyStarbucksIdea.com, ...
USDA on board with shipping U.S. chickens to China for processing, then re-entry to States for human consumption
2015-03-03 21:32
“Chinese chicken” will soon have a whole new meaning, as the U.S. Department of Agriculture recently gave the green-light to four chicken processing plants in China, allowing chicken raised and slaughtered in the U.S. to be exported to China for processing, and then shipped back to the U.S. and sold on grocery shelves here. Furthermore, the imported processed ...
Feinstein: Netanyahu does not speak for all Jews
2015-03-03 21:52
US Senator Dianne Feinstein, chair of the Senate Select Committee on Intelligence, has denounced Israeli Prime Minister Benjamin Netanyahu as an “arrogant” man who does not speak for all Jews. The Jewish lawmaker made the remarks in an interview with CNN on Sunday ahead of Netanyahu's controversial visit to the United States. The Israeli premier arrived in Washington, DC, on Sunday night ...
Netanyahu to US: Don’t negotiate ‘bad deal’ with Iran
2015-03-03 21:12
Israeli Prime Minister Benjamin Netanyahu has called on the United States not to negotiate “a very bad deal” with Iran over its nuclear energy program. Speaking at a joint session of the US Congress in Washington, DC, on Tuesday, Netanyahu said, “We’ve been told for over a year that no deal is better than a bad deal. Well this is a ...
School Textbook: “There’s No Such Thing as Reverse Racism” Only White People can be Racist
2015-03-03 2:14
Only white people can be racist. A school textbook teaches students that “there is no such thing as reverse racism” and that women can never be as sexist as men. The passage, which appears to be taken from a “multicultural education series” book entitled Is Everyone Equal, states, “STOP: There is no such thing as reverse racism or reverse sexism (or the ...
More News »