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The Transatlantic Economy at Brookings
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By The Queen of Free
Who: Jean Pisani-Ferry (and C. Fred Bergsten)
What: The Sixth Annual Raymond Aron Lecture (He was "the renowned scholar of post-war France")
Where: The Brookings Institution
Dr. Jean Pisani-Ferry from his Web site
It is always stimulating to attend these fantastic lectures and presentations at Brookings for the information gleaned comes in handy ("At Brookings last week I heard..." or "At Brookings on Monday I saw..."), and the speakers are unquestionably the world's most knowledgeable who cover pressing issues facing the U.S. and the world.
This week Dr. Pisani, director of Bruegel, the Brussels think tank and professor at Universite Paris-Dauphine, delivered a presentation entitled "Still in Command? The Transatlantic Economy After the Global Financial Crisis." ("After"? Or "During"? To economists but not the middle-class, it is "Ex Poste Facto.")
Dr. C. Fred Bergsten (from The Peterson Institute)
Following Dr. Pisani-Ferry was Dr. Bergsten, director of the Peterson Institute for International Economics and author, editor, or co-author of more than 40 books about international economics, including seven books published since 2000 (how does he have time to direct an institute?), who offered more insight.
Dr. Pisani-Ferry said the transatlantic economy ("TE") was affected "instantaneously" by recent economic events in the U.S. unlike the 1930s when impact took much longer. Trade now between the U.S. and Europe equals about $1billion daily, and encompasses six million jobs on both continents. The Transatlantic Connection is more important to Europe than to the U.S.
In the long run we may move to a world currency; the euro "is a clear success," he said.
He identified major new players on the world's economic stage: India, China, and Brazil.
Afterwards, in his talk Bergsten said Asia was creating a block, and it "will discriminate against the U.S. and Europe." Bergsten said until the early part of the decade Europe "unquestionably" was the only other economic superpower.
The U.S. Treasury bill is still the choice of many investors, Bergsten said.
Dr. Fiona Hill returning to Brookings November 1 from service on the National Intelligence Council, moderated.
Yes, the presentation was technical (and sometimes laborious to a non-economist who was suddenly transplanted to undergraduate econ class), but the opportunity value (including food and drink which preceded the presentation where all of the approximately 150 seats were taken) exceeded personal cost.
Brookings posts audio transcripts of its programs at its Web site including Dr. Pisani-Ferry's Power Point slides. Is there a Brookings fan club?
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