Saturday, November 11, 2017

''European worries about isolationist trends'' Maria Demertzis Deputy Director, Bruegel

''However, I believe there may be another reason, more entrenched, that will prevent this: there is a slow but epochal shift in the balance of global powers.
The emergence of China on the international stage, along with the US’ steady withdrawal from global leadership, has led to a tri-polar system of global powers shared between the US, Europe and China. But why would such shift lead to greater inwardness in the US or some European powers like the UK?
One possible explanation is that tri-polar is not equivalent to truly multilateral: bargains still need to be struck. But now they are more difficult, as the rules under which countries interact can no longer be agreed between just the US and Europe; there needs to be Chinese consent as well. The west won’t always come out on top. Voters and workers will notice..''

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