By Pascal Lamy, former Director-General of the World Trade Organization If there is any seemingly permanent feature of the last decades whose future is now uncertain, it is globalization. Globalization – the intensification of international trade that results in the growing diversity of sites to produce goods and services – is enabled by technology that reduces distance frictions and an ideology that rewards opening because more advanced international divisions of labour boost efficiency. However, the system of international trade is suffering...

by Andrew Chrismer, Lead Editor, EACC Insights What can we make of the state of the global economy today? Who controls it’s many levers, and how can it be regulated or deregulated in a world trade order ever more clouded by protectionism and trade-skepticism? The transatlantic community is dealing with tariffs and redefining friends and foes. Meanwhile, Britain prepares for Brexit and a potential hard landing out of the single market. The tenets of global trade policy set up over...

Greece has stabilized its economy and begun to grow. The authorities deserve credit for largely eliminating macroeconomic imbalances, including via a significant fiscal adjustment, and for many other reforms undertaken in recent years. Reflecting these efforts, European partners have provided significant support, most recently agreeing to a final loan disbursement under the ESM program and additional debt relief. However, as the country exits the program era in August, crisis legacies and an unfinished policy reform agenda in most areas weigh...

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The euro area (EA19) seasonally-adjusted unemployment rate was 8.3% in June 2018, stable compared with May 2018 and down from 9.0% in June 2017. This remains the lowest rate recorded in the euro area since December 2008. The EU28 unemployment rate was 6.9% in June 2018, also stable compared with May 2018 and down from 7.6% in June 2017. This is the lowest rate recorded in the EU28 since May 2008. These figures are published by Eurostat, the statistical office of the European Union. Full text available on EUROSTAT...

The United States and the European Union together count more than 830 million citizens and more than 50 percent of global GDP. If we team up, we can make our planet a better, more secure, and more prosperous place. Already today, the United States and the European Union have a $1 trillion bilateral trade relationship – the largest economic relationship in the world. We want to further strengthen this trade relationship to the benefit of all American and European citizens. This...

July 25, 2018 IMF Managing Director Christine Lagarde issued the following statement today: “I am pleased to learn that the United States and European Union reached agreement today to work jointly to reduce trade barriers and, together with other partners, strengthen the WTO. The global economy can only benefit when countries engage constructively to resolve trade and investment disagreements without resort to exceptional measures.” Compliments of the IMF