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Europe as a Global Player

  • Fritz Breuss

    (WIFO)

Europe (and in particular the European Union) is a regional economic area and thus an embedded feature of globalisation. Since the Lisbon Treaty entered into effect on 1 December 2009, the EU has grown from a "political midget" to a notable political "global player". Although Europe has gradually lost its top position in global trade it continues to be a "world trade superpower". Since its introduction in 2002, the euro has become the world's second most important reserve currency. With the WTO's Doha Round still stuck, the EU runs a large network of bilateral free trade agreements ("spaghetti bowl"), and is pursuing several strategies to ward off the dangers of globalisation: For one, its constant enlargement makes for an ever larger internal market, which implicitly raises borders against third countries. This immunisation effect is further strengthened by the enlargement of the euro area. Secondly, the EU's competition and anti-dumping policy efficiently ensures fair competition within the EU's internal market. The losers in the globalisation process are helped by the globalisation fund set up by the EU.

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Paper provided by WIFO in its series WIFO Working Papers with number 455.

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Length: 81 pages
Date of creation: 18 Nov 2013
Date of revision:
Handle: RePEc:wfo:wpaper:y:2013:i:455
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  1. Fritz Breuss, 2007. "Globalization, EU Enlargement and Income Distribution," WIFO Working Papers 296, WIFO.
  2. Sinn, Hans-Werner & Wollmershäuser, Timo, 2012. "Target loans, current account balances and capital flows: The ECB’s rescue facility," Munich Reprints in Economics 19556, University of Munich, Department of Economics.
  3. Fritz Breuss, 2013. "The Leverage of the Small Ones in the EU," WIFO Working Papers 452, WIFO.
  4. Fritz Breuss & Joseph F. Francois, 2011. "EU-South Korea FTA – Economic Impact for the EU and Austria," FIW Policy Brief series 010, FIW.
  5. Wipo, 2013. "Global Innovation Index 2013: Local Dynamics Key to Overcoming Global Innovation Divide," WIPO Economics & Statistics Series, World Intellectual Property Organization - Economics and Statistics Division, number 2013:gii, December.
  6. Gabriel Felbermayr & Mario Larch & Finn Krüger & Lisandra Flach & Erdal Yalcin & Sebastian Benz, 2013. "Dimensionen und Auswirkungen eines Freihandelsabkommens zwischen der EU und den USA," ifo Forschungsberichte, Ifo Institute for Economic Research at the University of Munich, number 62.
  7. Alexandr Hobza & Gilles Mourre, 2010. "Quantifying the potential macroeconomic effects of the Europe 2020 strategy: stylised scenarios," European Economy - Economic Papers 424, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
  8. Robert Stehrer & Roman Stöllinger, 2013. "Positioning Austria in the Global Economy: Value Added Trade, International Production Sharing and Global Linkages," FIW Research Reports series V-002, FIW.
  9. Karl Aiginger & Susanne Bärenthaler-Sieber & Johanna Vogel, 2013. "Competitiveness under New Perspectives," WWWforEurope Working Papers series 44, WWWforEurope.
  10. Fritz Breuss, 2004. "WTO Dispute Settlement: An Economic Analysis of Four EU–US Mini Trade Wars—A Survey," Journal of Industry, Competition and Trade, Springer, vol. 4(4), pages 275-315, December.
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