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A new transatlantic economic pact?

"Perspectives for a new partnership have never been better," says Alexander Hagelüken. "Because of their shared interests, Europeans and Americans are natural partners. An economic association would enable them to limit the risks that globalization poses to their high-wage locations. If they agree on common standards for future technologies, these standards could be applied worldwide - and Western firms would gain access to an area otherwise dominated by cheaper Asian companies... Still, while the time is right, there are difficulties. Many US legislators consider the EU to be just as much a competitor as Asia. So they eschew cooperation. And resistance is also to be expected from Germany's neighbours. Proposals for a common market already fell apart in the 1990s. But those days, the transatlantic sceptics were not in Washington, but in Paris."

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