The world trading system, a source of prosperity, is under attack on three fronts – WTO immobility, US skepticism, and China’s exceptionalism. On each of these fronts of uncertainty both good and bad scenarios are possible.
WTO immobility – US skepticism – China’s exceptionalism
How the EU responds to the uncertainty will not only help fashion the outcome for Europeans, but will also critically affect the prospects of smaller nations. The EU’s willingness to preserve the multilateral trading system is commendable. Yet, the risk of a collapse of the trading system as we know it is real and the contingency must be addressed systematically (Plan B).
Under any scenario, good or bad, the EU’s present policy could be made even more robust.
Bruegel researchers will briefly cover the findings of their new paper, followed by a debate among participants.
Bruegel is the European think tank that specialises in economics. Established in 2005, it is independent and non-doctrinal. Bruegel’s mission is to improve the quality of economic policy with open and fact-based research, analysis and debate. We are committed to impartiality, openness and excellence. Bruegel’s membership includes EU Member State governments, international corporations and institutions.