This paper is the final report of the New Atlantic Capitalism project. With the objective of examining the pressing economic challenges facing both the EU and the US as a consequence of the financial crisis, the Great Recession and the crisis in the euro area, we have focused on the transatlantic points of convergence and divergence. We conclude that the US and Europe will walk separate ways at their own peril. We suggest that only by joining forces can the transatlantic community most effectively respond to these economic challenges, protect American and European interests and help ensure the prosperity and peace that has been the post-war legacy of the transatlantic alliance. 

The report contains concrete recommendation in eight policy areas - Transatlantic Market Integration,  Transatlantic Economic Dialogue,  Financial Markets,  Energy and Climate,  Innovation, Social Policy, Common Neighborhoods and Maintaining a Level-Playing Field. The report concludes that the policies across the Atlantic have to be more coordinated and aligned, to effectively counter the risks and volatilities of the globalized economy.

Read the FULL REPORT.

demosEUROPA - Centre for European Strategy and the European Policy Centre invite you to Brussels to a presentation of the report "The Case for Renewing Transatlantic Capitalism", the final report of the New Atlantic Capitalism project.

The key-note speech will be delivered by Karel de Gucht, EU Commissioner for Trade.

See the programme and register!

demosEUROPA - Centre for European Strategy and the German Marshall Fund of the United States invite you to a presentation of the report "The Case for Renewing Transatlantic Capitalism", the final report of the New Atlantic Capitalism project.

The key-note speech will be delivered by Professor Marek Belka, President of the National Bank of Poland.

See the programme and register!

The fourth and final session of New Atlantic Capitalism took place on 24-25 October in New York, and was hosted by the Polish Mission to the United Nations. The analytical papers are already available in our resources section, and the include:

A Transatlantic Trade and Investment Growth Agenda, by Peter Chase, Non-resident Fellow, German Marshall Fund, and U.S. Chamber of Commerce Senior Representative for Europe

How could convergence in EU-US financial regulation be enhanced? by Marc-Antoine Lacroix, Director at Promontory France

The full summary of the discussions would be available soon.

The analytical papers from the third seminar session of the New Atlantic Capitalism that took place on 20-21 June in Paris are already availalbe in our resources section!

The full report of the discussion would be available soon.

The papers presented during the second session of New Atlantic Capitalism, which took place in Washington DC on 3-4 March, are already available in our resources section. They include :

"Narcissism of Minor Differences or Major Economic Rifts?. Determinants of Transatlantic Economic Relations" by Stormy-Annika Mildner and Daniela Schwarzer,

"The New Transatlantic Capitalism and the Prospects for the Job Creation in the Recovery" by Jacob Funk Kirkegaard,

"Inclusive Growth" by Iain Begg,

"Winning the Prosperity: Creating a New Economic Growth Path" by Sherle Schwenninger

and

"The West in the Deadly Hug of Chinese Vampire Squid" by Professor Krzysztof Rybiński

all papers can be downloaded HERE (.zip file).

The full summary of the discussions will be available soon.

Second session of the New Atlantic Capitalism would take part on 3-4 March in Washington DC and would be hosted by the German Marshal Fund. This time, there would be no public debate, but a day-and-a-half of intensive discussions in the Expert Group.

The topics will include:

• Determinants of Transatlantic Economic Relations;

• The New Transatlantic Capitalism and the Prospects for Job Creation in the Recovery; 

• New Sources of Growth in Transatlantic Capitalism from European and US perspectives;

• Inclusive Growth.

We would also have the pleasure to host two prominent guest speakers: Mr. Jared Bernstein, Chief Economist and Economic Policy Adviser to Vice President Joe Biden and Mr. Jörg Decressin, Assistant Director of the Research Department in the International Monetary Fund.

The analytical papers for this session would be available in the Resources section soon.

New Atlantic Capitalism welcomes new experts who would join us in Washington, during the second session of the project. Krzysztof Rybiński, Jacob Funk Kirkegaard, Fabian Zuleeg and Klaus-Peter Müller are very experienced economists dealing with international economic systems, European integration and with an extensive experience in private banking in one of the biggest international financial groups - Commerzbank.

You can see their profiles in our Experts section.

In our resources section there is and interesting study by IMF on the connections between rising inequality and the current crisis. In can serve as a useful background for the current debate lead by The Economist (see also articiles here and here).

We woulk like to welcome two new members of the expert team of New Atlantic Capitalism. Mr. Sherle R. Schwenninger, Director of the Economic Growth Program at the New America Foundation and Mr. Joe Quinlan, Chief Market Strategist at the Bank of America.

Tommaso Padoa-Schioppa, President of Notre Europe, died on 18 December 2010. He would be remembered as one of the legendary leaders who provided strong vision and commitment to the process of European integration thoughout his life. He was also one of the founding fathers of the euro.

Recently, we have been honoured to have Tommaso Padoa-Schioppa as a member of the New Atlantic Capitalism, and we have been looking forward to his contribution to this project.

Let us share, on behalf of the NAC team, the words of sympathy with all the member of Notre Europe.

Are we going to witness the emergence of a New Atlantic Capitalism, and what should be its foundations as regards fiscal and monetary policies? Or is the underlying dynamics in the global economy inevitably working towards a further differentiation between the capitalisms of America, Europe, Asia and “the Rest”?

demosEUROPA - Centre for European Strategy, Notre Europe, Stiftung Wissenschaft und Politik and The German Marshall Fund of the United States jointly invite you to a public debate and the launch of the New Atlantic Capitalism project. 

7 December 2010; Warsaw

The summary of the discussion is available here.

In our resouces section please find the programming papers for the first session of New Atlantic Capitalism.

The paper by Notre Europe describes the current state of the US and the European economies and examines the strength of the recovery with the help of the most recent IMF and OECD outlook reports. It also puts forward some general reflections on the prospects for growth in these two economies over the next decade.

GMF has provided us with the material on prospects for fiscal consolidation in the US, with some hints on what should be done to fix the public finance.

Also, we can recommend the paper which has not been prepared especially for NAC, but presents a useful insight into American debates and budgetary plans. This is the Comparison of Fiscal Plans, put together by the Peterson Foundation.

All papers can be also downloaded here (.zip file)

demosEUROPA - Centre for European Strategy (Warsaw), Notre Europe (Paris), Stiftung Wissenschaft und Politik (Berlin) and the German Marshall Fund of the United States (Washington DC) would like to invite you to participate in our new joint project New Atlantic Capitalism.

The main aim of the project is to increase understanding of the policy process which shapes the new economic model on both sides of the Atlantic. We would examine the emerging new economic models in the US and the European Union, with the special focus on the character and effectiveness of the impact of fiscal stimuli, effects of exit strategies and especially systemic features of the emerging world economic order. More about the project and participating institutions can be found here.

To achieve those goals, we have established a High Level Group of representatives of our four think tanks as well as a number of external experts specializing in various fields of economy. The Group will meet four times from December 2010 to October 2011 in four different locations - Warsaw, Washington DC, Paris and New York. The result of these works would be a report, that would be presented on public conferences in Brussels and Washington DC in late 2011 and early 2012.

On this website you can follow the workings of the Group, register for accompanying public events and read the relevant resources, such as programming papers, presentations, partial and final report. You can also post your comments and take part in the major economic discussion of the 21st century!