Economic, Financial and Geopolitical Governance: USA, European Union and China

Abstract

The paper examines the policies, choices, structural reforms, regulatory rules, corporate and public administration matching the world standards, openness, innovation, competitiveness, fulfillment of multilateral obligations, integration and regional approach achievements and international relations conditionality in the “Global Governance and Geopolitics” of the main economic, financial and policy issues, with special focus on the new regional approaches pursued by America, the European Union and Asia and the role of the emerging and transition countries. After the US Dollar, now the Eurozone is under pressure and the main Asian countries fear a contagion effect. While somebody proposes a slow devaluation of the Euro in order to soften the public deficits of the group of most exposed countries and restore more competitiveness to the real economy, political leaders are thinking to adopt indirectly the Euro two speeds operative monetary strategy, through the introduction of the majority vote, instead of the full Members consensus, for the most important decisions at the ECB in Frankfurt. Aside these monetary and institutional measures, the binding of the single national fiscal policy to more strict EU parameters of compatibility with the Eurozone sustainability appear unavoidable. This paper represents the background of my lecture given on November 4 at the Beijing Forum 2011 “The Harmony of Civilizations and Prosperity for All: Tradition and Modernity, Transition and Transformation” (http://www.beijingforum.org/html/folder/172-0.htm) at the PEK University.