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Navigating the New Normal: The European Union's Changing Stance on Globalization in the Era of Trade Conflicts

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Abstract

The European Union (EU) is becoming more inward looking and more hesitant towards globalization. This paper examines recent transformations in EU's economic policies, with a focus on international trade and industrial policy. It argues that these changes reflect the EU's response to the evolving global economic and political landscape, driven by factors such as China's rise and the US's protectionist policies. By analyzing the potential consequences of these policy adjustments on EU industries' competitiveness and trade relations, the paper offers insights into the future prospects of EU economic policies and their role in shaping the global economy.

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  • Sjöholm, Fredrik, 2023. "Navigating the New Normal: The European Union's Changing Stance on Globalization in the Era of Trade Conflicts," Working Paper Series 1466, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:1466
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    1. David Autor & David Dorn & Gordon Hanson & Kaveh Majlesi, 2020. "Importing Political Polarization? The Electoral Consequences of Rising Trade Exposure," American Economic Review, American Economic Association, vol. 110(10), pages 3139-3183, October.
    2. Jeromin Zettelmeyer, 2019. "The Return of Economic Nationalism in Germany," Policy Briefs PB19-4, Peterson Institute for International Economics.
    3. Anusha Chari & Peter Blair Henry & Hector Reyes, 2021. "The Baker Hypothesis: Stabilization, Structural Reforms, and Economic Growth," Journal of Economic Perspectives, American Economic Association, vol. 35(3), pages 83-108, Summer.
    4. David Kleimann & Niclas Poitiers & André Sapir & Simone Tagliapietra & Nicolas Véron & Reinhilde Veugelers & Jeromin Zettelmeyer, 2023. "How Europe should answer the US Inflation Reduction Act," Bruegel Policy Brief node_8764, Bruegel.
    5. Sebastien Goulard, 2020. "The Impact of the US–China Trade War on the European Union," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 12(1), pages 56-68, January.
    6. Douglas A. Irwin, 2019. "Does Trade Reform Promote Economic Growth? A Review of Recent Evidence," Working Paper Series WP19-9, Peterson Institute for International Economics.
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    Cited by:

    1. Sjöholm, Fredrik, 2023. "The Return of Borders in the World Economy: An EU-Perspective," Working Paper Series 1469, Research Institute of Industrial Economics.

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    More about this item

    Keywords

    Globalization; European Union; Trade War; Industrial Policy;
    All these keywords.

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

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