In his remarks, Mr Quinlan talked of the ‘perfect storm’ that has landed on the transatlantic economic partnership, with the pandemic still prevailing, an economic downturn of historic proportions, and the tense geopolitical context. However, in spite of this, growth is starting to pick back up, and policymakers have laid the foundation for recovery into 2021. He outlined numerous challenges and opportunities for the transatlantic partnership, including the rise of China, the trend towards ‘deglobalisation’, and the acceleration towards the digital transformation.
A question and answer session followed, led by Taggart Davies, Chair, Transatlantic Task Force, AmCham EU. Fielding a question on open strategic autonomy, Mr Quinlan pointed out that he felt a stronger, less dependent EU would be a more attractive prospect for American investment. With regard to the rise of China, Mr Quinlan suggested that the US and the EU must cooperate to try to bring China into the fold of multilateralism. With regard to Wall Street’s feeling about the European investment climate, Mr Quinlan pointed to the euro’s relative strengthening against the dollar to highlight that investors had been impressed with EU policymakers’ swift and decisive actions to issue mutual debt and to act as one.
For more information on a stronger transatlantic relationship, read our set of recommendations published this week.
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