Ahearn, Raymond J.; Morelli, Vincent
March 2011
Current Politics & Economics of Europe;2011, Vol. 22 Issue 1, p141
Academic Journal
The United States and the European Union (EU) share a comprehensive, dynamic, and mutually beneficial economic relationship. Transatlantic markets are among the most open in the world and are deeply integrated. The current global economic crisis has begun to have a significant negative impact on the transatlantic economy. Nevertheless, the great stake each side has had in the other's economy affords both sides the ability to withstand each other's current economic downturn. The key measure of the strength of the transatlantic relationship could be the ability of both sides to work with each other to weather the current financial storm. One issue that has worked against a stronger economic relationship is the existence of regulatory barriers that limit an even more integrated market from materializing. The United States and the EU have engaged in a number of attempts to reduce remaining non-tariff and regulatory barriers to trade. In the most recent effort, then President Bush and German Chancellor Merkel, serving as President of the EU, at the April 2007 U.S.-EU Summit agreed to establish the Transatlantic Economic Council (TEC). The TEC was directed to "advance the work of reducing or eliminating non-tariff barriers to transatlantic commerce and trade." The leaders also created an advisory group to "provide guidance and direction" to the TEC and invited the U.S. Congress, along with the European Parliament, to accept a new, more substantive role in transatlantic regulatory cooperation by becoming part of the advisory group. The Transatlantic Legislators' Dialogue (TLD) was appointed to represent the legislatures in the TEC advisory group. Since it began nearly two decades ago, transatlantic regulatory cooperation has been mostly limited to the executive branches and regulatory bodies on both sides of the Atlantic. However, the idea of legislators assuming a more proactive role in transatlantic economic and regulatory cooperation is not a new issue. At the 1995 launch of the New Transatlantic Agenda, the leaders of the United States and EU acknowledged that they "attached great importance to enhanced parliamentary links" and agreed to "consult with parliamentary leaders on both sides of the Atlantic regarding consultation mechanisms, including building on existing institutions, to discuss matters related to our transatlantic partnership." Advocates of the effort to achieve a more barrier-free transatlantic marketplace believe that ultimate success cannot be achieved without the strong commitment and active engagement of the U.S. Congress and the European Parliament. Although the. Transatlantic Legislators' Dialogue has been in existence since 1999, there appears to be a lack of familiarity with its structure, membership, and function. With respect to its role in the TEC process, several questions have been raised including the make up of the TLD, the role of the standing committees in both the Congress and the Parliament, the staff, and the role of the U.S. Senate. A number of options for reform have been proposed. This report provides background and analysis on the TEC process, the role of the Congress, and the TLD. For additional information see CRS Report RL34717, Transatlantic Regulatory Cooperation: Background and Analysis, by Raymond J. Ahearn, and CRS Report RL30608, EU-U.S. Economic Ties: Framework, Scope, and Magnitude, by William H. Cooper.


Related Articles

  • Agriculture Calls for Comprehensive FTA with EU. Shearer, P. Scott // National Hog Farmer Expert Blog;6/ 3/2013, p7 

    The article reports on the plea of a coalition of food and agricultural organizations to the U.S. government to press the European Union to negotiate a comprehensive free trade agreement, including addressing sanitary-phytosanitary (SPS) barriers, as indicated in a letter to U.S. Trade...

  • Trade Pacts Carry Potential And Pitfalls.  // WWD: Women's Wear Daily;12/17/2013, p7 

    The article suggests the potential and pitfalls of the Transatlantic Trade and Investment Partnership (TTIP) accord being negotiated by the U.S. and European Union (EU) that would see the expansion of investment and business in the Asia Pacific region and the EU. Trade observers argued over the...

  • TRANSATLANTIC FREE TRADE WILL FUEL INNOVATION. LESINA, KARIM ANTONIO // Intermedia (0309118X);Sep2013, Vol. 41 Issue 4, p14 

    The article focuses on the status as well as trade relations between European Union (EU) and the U.S. along with the implications on digital economy of both the nations. It informs that transatlantic trade generates 5.3 trillion U.S. dollars of sales in a year and 15 million jobs are directly...

  • US negotiators hope to finish Europe trade deal in two years. Needham, Vicki; Pecquet, Julian // Hill;2/14/2013, Vol. 20 Issue 17, p10 

    The article focuses on the optimism of business groups and trade officials of the U.S. that the trade agreement with European Union will be completed in two years that include duties elimination, market access of goods, and regulation cohesiveness.

  • PROPOSED TRANSATLANTIC TRADE AND INVESTMENT PARTNERSHIP (TTIP): IN BRIEF. Akhtar, Shayerah Ilias; Jones, Vivian C. // Current Politics & Economics of Europe;2013, Vol. 24 Issue 1/2, p107 

    The article offers information on the Transatlantic Trade and Investment Partnership (TTIP), a proposed free trade agreement (FTA) being negotiated between the U.S. and the European Union (EU). Topics covered include the direct interest of the U.S. Congress in the TTIP and the elimination and...

  • Not for Sale. Scruton, Roger // American Spectator;Jun2010, Vol. 43 Issue 5, p46 

    The article discusses the effects of people thinking in economic terms. The author believes that the tensions between Europe and America are caused by the conflicts arising between value and price. He suggests that American businesses operate in an environment without aesthetic restraints and...

  • Transatlantic Economic Relations: Shaping the Global Economy.  // Foreign Policy;2010 Special Issue, Issue 183, special section p4 

    An article discussing transatlantic trade relations between the U.S. and the European Union (EU) is presented. The author examines the scale of trade between the two governments and explains how the relationship impacts global trade, other nation states, and the world economy. The impact of...

  • TTIP: Where Are We Now? Harris, Adrian // Electroindustry;Dec2015, Vol. 20 Issue 12, p12 

    The author focuses on the developments in the Transatlantic Trade and Investment Partnership and their impact on U.S.-Europe trade relations and mentions topics including the demand of machine tools sectors from Europe and the U.S. for better trade cooperation and improving trade competitiveness.

  • Washington Front. PARSONS, WILFRID // America;12/6/1947, Vol. 78 Issue 10, p257 

    The article reports on the decision of the U.S. Congress to consider the Marshall plan or the European Recovery Program (ERP) while it prepared itself to engage in bi-partisan effort on stop-gap assistance to Europe in 1947. The program involves self-help by Europe through U.S. assistance and...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics