European–American Trade and Financial Alliances
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European–American Trade and Financial Alliances

Edited by Gavin Boyd, Alan M. Rugman and Pier Carlo Padoan

In this, his final book, Gavin Boyd has brought together a distinguished group of experts on the nature and extent of transatlantic policy coordination and its implication for corporate strategy. This remarkably relevant set of papers offers a discussion on the economic and financial linkage between Europe and North America, as well as the trade and investment rules governing this interaction.
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Chapter 6: Interregional integration: collective management tasks

Gavin Boyd


Gavin Boyd Atlantic structural interdependencies, because of their magnitude and imbalances, set urgent requirements for sound collective management. The deepening integration in which these interdependencies are increasing between North America and the European Union results from the independent and generally competing operations of North American and European transnational enterprises, and these are not forming a coordinated pattern of dynamic efficiencies. Market failures as well as productive functions are assuming cross-border dimensions, and are interacting with government efficiencies and failures. Policy-level and corporate efforts are needed to promote extensive entrepreneurial complementarities, to orient financial sectors more towards productive funding aligned with such complementarities and to improve macromanagement. These imperatives have to be affirmed with reference to very serious problems in the interactions between financial sectors and the real economies, concentration trends increasing Atlantic structural imbalances, the USA’s high debt levels and current account deficits and the persistence of slow growth and high unemployment in the European Union. Interregional policy cooperation has to engage with issues of policy interdependence, as well as structural interdependence, and the need to promote entrepreneurial complementarities, for the development of a more coordinated Atlantic market economy, has to be recognized as an advance in policy learning. Such learning has been seen to be necessary in the fiscal and monetary areas, as well as in trade relations, on the basis of understandings about the potential benefits from interregional market openness. Advances towards market integration on such a vast scale have been felt to promise ef...

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