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21 November 2013

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Ian Jenkins

A problem with small countries, such as even the declining UK, is they often have insufficient political influence. This is a major disadvantage because there are stormy political times ahead internationally!

In a broadcast lecture from the London School of Economics this week, Michael Cox [founding co-director of LSE IDEAS and professor of International Relations] stressed the importance of international politics in global finance. He begged the question why a potentially powerful EU, with the largest economy in the world, doesn't try to use political muscle to guide the market.
Germany may soon be trading more with China than France [at an exchange rate heavily subsidised by Greece etc]. Will the EU hang together or hang separately?

Another example. In the absence of effective EU involvement, the White House says it is hoping through its Trans Pacific Partnership [TPP] bi-lateral trade proposal to introduce global standards for commerce in the 21st century. It is surely in our interests to have enforceable financial standards introduced. A key political task.

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