The Great Recession and the turn towards all forms of protectionism stress the relevance of international trade policy. With the global economy undergoing deep structural changes, the negotiations between Canada and the EU on a Comprehensive Economic and Trade Agreement (CETA) present a real-time experiment that sheds light on the direction that the relationships between two economic units of the G8 will take. For Canada, an agreement with the EU would end its current dependency on the US; for the EU, an agreement with Canada would be a first with a G8-economy and indicate how its new trade strategy ‘Global Europe’ will look like.
This book is the first to simultaneously analyze the undercurrents of this project and introduce the main topics at hand. CETA is much more than a simple free trade agreement, its breadth covers regulatory aspects in goods, services, and finance; the opening of public procurement markets; attitudes and policies of Canadian provinces towards liberalization; climate policies and international leadership claims of the EU in comparison to Canadian policy attempts; the challenges of the Euro project and the reform efforts; and the challenges of the Euro as a international reserve currency.
CETA is a challenging project that will kick-start enormous changes in trade policy-making as well as in market openness in Canada. It will mark the EU’s efforts to re-make the Atlantic Economy. This book provides deep insights into the ambiguity of the project and addresses the implications of a rapidly changing global economy for trade policy. Offering analysis of the financial industry, banking, trade policy, climate change strategy, and the Euro exchange rate, this book should be of interest to students and policy-makers alike.
Table of Contents
1. Canada and the EU: Shaping transatlantic relations in the 21st Kurt Hübner Part 1: Forces and Motifs for the Project of a Comprehensive Economic Partnership: The Case of the EU 2. European Union trade policy: The Canada – EU Comprehensive Economic and Trade Agreement (CETA) towards a new generation of FTA’s? Steven B. Woolcock 3. Who scripts European trade policy? Business–government relations in the EU-Canada partnership negotiations Cornelia Woll 4. What is new with the new trade policy of the EU? Giovanni Graziani Part 2: Canada and the Global Political Economy 5. The politics and pitfalls of the Canada – EU Comprehensive Economic and Trade Agreement Daniel Drache and Stuart Trew 6. NAFTA unplugged? Canada's three economies and free trade with the EU Paul Kellogg 7. Provincial pitfalls: Canadian Provinces and the Canada – EU trade negotiations Christopher J. Kukucha 8. Federalism, separatism and international trade: The Canadian case Marie Daumal Part 3: Regulatory and Tax Regimes 9. A Canadian perspective on the EU’s financial architecture Patrick Leblond 10. Explaining the diverging regulatory approaches to risk regulation between Canada and the EU: The case of genetically modified food labeling Julia Bognar 11. Canada, capital movements and the European Union: Some tax implications Martha O' Brien 12. EU Investment Treaty making after Lisbon Marc Bungenberg Part 4: Beyond ‘Traditional’ Trade Agreements 13. Lessons for Canadian climate policy? Insights from the EU ETS’ first phase Ulrich Oberndörfer 14. Facing climate change across the Atlantic: How far apart are Europe and North America? Michael Mehling 15. Euro area stability in a time of crisis Amy Verdun 16. Macroeconomic imbalances and sovereign debt markets Erik Jones 17. Disillusioned with the Dollar but unconvinced by the Euro: China and global currency competition in the wake of the global financial crisis Paul Bowles and Baotai Wang 18. What Next? An outlook to the near future Kurt Hübner
Kurt Hübner is the Chair for German and European Studies and Director of the Institute for European Studies at The University of British Columbia, Canada, as well as Jean Monnet Chair for European Integration and Global Politics.