Keeping Friends closer: Why the EU should Address new Geoeconomic Realities and get its Neighbours back in the Fold

Improving global governance
Mar 01, 2023 | Bertelsmann Foundation and the Vienna Institute for International Economic Studies

It may be premature to declare that the era of globalisation is over. However, the dramatic increase in power-political - or “geopolitical” - rivalry points to a different future, suggest Vasily Astrov, Richard Grieveson, Christian Hanelt et al in this joint publication by the Bertelsmann Foundation and the Vienna Institute for International Economic Studies. They measure the interconnectivity between the EU and its neighbouring countries, and compare these interconnections with those of the EU’s peers and rivals: the US, China and Russia. Across most areas of trade, finance, technological exchange, infrastructure ownership and labour mobility, the EU is the dominant partner vis-à-vis most of its neighbouring countries, and the gap between the EU and its peers and rivals is often vast. From their analysis, the authors conclude that the EU must do more to safeguard its interests in its near abroad by leveraging its strong economic and financial influence.

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