After a week of change in Europe, it was no surprise what was on the minds of many of my contacts in the US this week. Both in Boston and in Washington I was quizzed about the new French President, Greek efforts to form a coalition, and most importantly – how all this was going to affect the Eurozone crisis.
It should not come as a shock that Americans are watching events across the pond intently. It is a sign of the closeness of the EU-US relationship that they realise changes in Europe have a significant effect in the US.
As in Europe, it is the economy above all else that will decide November’s Presidential elections. The US economy is recovering, the last six months has seen positive growth and reduced unemployment figures. Because our economies are so closely linked, they are conscious of the knock-on effect that a further downturn in Europe could bring.
It is easy to forget that between us, the EU and the US account for approximately half of the world’s GDP. Trade between the two sides of the Atlantic accounts for a third of global trade flows. In Boston, it was interesting to hear from US business leaders their perspective on how we should be tackling the economic challenges through our trade relationship. I agree that trade is vital to growth in both our economies, and hence the UK is fully supportive of progress towards an EU-US free trade deal.
During the visit I also had the opportunity to speak to students at both Harvard’s Center for European Studies in Boston, and at the Johns Hopkins School of Advanced International Studies in Washington on the issue of the transatlantic relationship.
These discussions reinforced the view that the EU’s partnership with the US has always been a vitally important one. It is central not only to our prosperity, but also to our security, and common values. Many of the threats we face are the same, and we tackle them together – whether it’s preventing and countering cyber attacks, or working together on sanctions to put pressure on the Iranian regime, through to fighting insurgency in Afghanistan, and protecting trade in the Gulf of Aden through our NATO alliances. My meetings with the Administration reinforced the importance of this work, particularly ahead of the NATO Summit in Chicago later this month.
On the flight home, my dominating thought was that what happens in Europe matters hugely to the US. From businesses to academics, all stake a claim in developments here in Europe, and view the transatlantic relationship as essential to a wider partnership between the two continents.