The Case for Renewing Transatlantic Capitalism - Final report of the New Atlantic Capitalism project
This report concludes a series of meetings and policy discussions held since the end of 2010 as part of the project on New Atlantic Capitalism. It examines the pressing economic challenges facing both the EU and the US as a consequence of the crisis, focusing on the transatlantic points of convergence and divergence.
The report concludes that the US and Europe will walk separate ways at their own peril. We suggest that only by joining forces can the transatlantic community most effectively respond to these economic challenges, protect American and European interests and help ensure the prosperity and peace that has been the post-war legacy of the transatlantic alliance.
To that end, this report proposes: - a binding timetable for the elimination of all tariffs on goods traded across the Atlantic and liberalisation of services, investment and procurement markets,
- - reduction in non-tariff barriers through regulatory coherence, based on the principle of mutual recognition, with all regulations in play unless specifically exempted,
- - an annual strategic economic dialogue involving officials from the US Federal Reserve, the European Central Bank the US Treasury, finance ministers from European Union member states and relevant officials from the European institutions
- - resolution of the remaining obstacles to a comprehensive new framework for financial regulation,
- - negotiation of common rules for subsidies and the practices of state-owned enterprises, rules on inward investment, and government procurement to assure the maintenance of genuine global market standards.