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

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altogether – ranging from the stalled Doha round of trade talks known to the non-proliferation treaty, as well as outdated bodies such as the G7 or the International Monetary Fund that don't include the emerging economies such as China.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

Your Smartphone Broadcasts Your Entire Life To The Secret Service
2014 09 23
Intelligence services collect metadata on the communication of all citizens. Politicians would have us believe that this data doesn’t say all that much. A reader of De Correspondent put this to the test and demonstrated otherwise: metadata reveals a lot more about your life than you think. Ton Siedsma is nervous. He made the decision weeks ago, but keeps postponing it. ...
Scots were tricked into voting ‘No’ – Salmond
2014 09 23
London politicians gulled Scottish voters out of independence by making a false “vow” to grant Glasgow extra powers, First Minister Alex Salmond has said. He also raised the prospect of another referendum, saying the break-up is inevitable. Alex Salmond, leader of the ’Yes’ campaign and the outgoing head of the Scottish National Party (SNP), told the BBC’s Sunday Politics program that ...
The Most Terrifying Thing About Ebola
2014 09 23
The disease threatens humanity by preying on humanity. Suspected Ebola patient Finda “Zanabo” prays over her sick family members before being admitted to the Doctors Without Borders Ebola treatment center on Aug. 21, 2014, near Monrovia, Liberia. Photo by John Moore/Getty Images As the Ebola epidemic in West Africa has spiraled out of control, affecting thousands of Liberians, Sierra Leonians, and Guineans, ...
Man bitten by Ebola patient flown to Switzerland
2014 09 22
Swiss authorities say a male nurse who was bitten by an Ebola patient while working in West Africa has been flown to Switzerland as a precaution. The health ministry says the unidentified man was working for an international organization in Sierra Leone when he was bitten by a child infected with Ebola on Saturday. The ministry says the nurse was wearing protective ...
Climate March in New York City Reveals Communists Demanding ’Revolution, Nothing Less’ - Trash the City With Garbage
2014 09 22
Tens-of-thousands of demonstrators took to the streets of New York City Sunday to demand political leaders take action on climate change. While the protest remained peaceful, much of the “People’s Climate March” appeared to be made up of fringe elements of the political left. Dozens of signs denouncing capitalism were spotted at the demonstration, often held by self-proclaimed socialists. “Capitalism is destroying the ...
More News »