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Why Not Create an "Economic NATO"?

David Ignatius, The Washington Post | December 6, 2012

Historically, austerity measures have proven wrong to stimulate sustainable economic growth. ++ A trans-Atlantic free trade agreement can be the right move to foster both the US and the European economies. ++ Harmonizing markets and reducing trade barriers through a so called "Economic NATO" can serve as a catalyst for job growth and would boost US and European GDP. ++ A free trade agreement would also symbolize the revitalization of transatlantic relations and US economic leadership. 

 

 
 
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John A. Hughes

Thu, Dec 13th 2012, 18:06

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An economic NATO essentially already exists. Though the United States is not party to the European Union, it still engages in strong trade relations with the EU, which is comprised of NATO allies. However, proposing more harmonization beyond these trade agreements could lead to more fiscal troubles to all parties involved. While we are a globalized world, which is lagging from the fiscal crisises that exist in Europe and the United States, both were caused by their own individual and respective issues. Now is not the time for economic harmonization, but the time for both the US and Europe to have the flexibility to amend their domestic economic issues within the measures that is appropriate for their respective economies. Further harmonization will only hinder this flexibility.
 

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