“The EU, the US and global disorder. The need for a new Bretton Woods”

Discussion focused on economic and financial issues, bringing to light two questions in particular. The first regards the opportunity to build a new international system of rules and institutions — a Bretton Woods for the twenty-first century. Participants were of many different opinions here: one group felt reform should be handled by national governments; another felt that international governance should be reinforced to manage today’s problems.The second question regards those distinctive characteristics of the “European model” of governance, especially in the eurozone: most participants felt the model has proved solid and sustainable and that it can pull Europe through another phase of global upheaval. What demands decisive improvement is Europe’s ability to act in diverse areas internationally, such as in the monetary, trade and energy sectors.The second day of the conference focused on the geopolitical dimension of international disorder, starting with the “Greater Middle East”. Better cooperation between the EU and the US was considered crucial, especially in light of the complexity of ongoing conflicts and of bad track records for both regions in peacemaking and stabilizing. A broader dialogue, including even difficult counterparts such as Iran, is necessary to bring the process forward in the medium and long term.The future of transatlantic relations was then analyzed in light of the American presidential campaign and of the increasingly pragmatic approach to European defense on both sides of the Atlantic. While Afghanistan’s future remains a sore point for NATO, Europeans are increasingly called upon to enter into the fray, with a global strategy to actively contribute to the resolution of common security challenges. The next US president, in any case, is bound to evaluate transatlantic relations on the basis of this contribution.Taking inspiration from a paper prepared by Aspen Italia, discussion turned to the possibility that – unlike during the Cold War or even the “golden age of globalization” in the nineties – risks of contagion go from economy to security, and not vice versa. In other words, the current economic crisis could undermine a key element in the transatlantic relationship – that global role played by the United States as motor of innovation, finance and trade.Finally, participants discussed the link between human rights and diplomatic and economic interests. The panel discussants highlighted the difficulty in choosing and maintaining a coherent path. From this point of view, the indisputable economic success of more or less authoritarian regimes renders diplomatic efforts increasingly delicate.