10.1 INTRODUCTION The Common Commercial Policy (CCP) of the European Union, together with the single currency and competition policy, is the only truly centralised policy of the Union. As such, it is also one of the most eﬀective. The eﬃcacy of the provisions of the CCP has in fact allowed the EU to speak with one voice in the global economic arena and, as a result, to exploit the combined bargaining power resulting from the economic weight of its members, which include some of the world’s richest countries. And yet this is not the general feeling associated with the role of the Union in the world, a role often seen as politically inadequate, or simply not signiﬁcant. The reasons behind such a perception, right or wrong as it may be, are likely to be twofold, formal and substantial. From a formal point of view, the perceived limited role of the EU in the global scenario might lie in the scope of the Common Commercial Policy, which deals only with trade issues and thus, with respect to general issues of global governance, provides the Union with a limited (although relevant), set of tools. A signiﬁcant political presence on the world stage would require in fact legal provisions leading to coordinated actions, not only in trade, but also in the ﬁelds of monetary governance (for the exchange rates system) and foreign policy (with the eventual support of a credible military capability). In terms of monetary governance, the legal...
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