The European Union will remain a drag on world economy by accumulating large trade surpluses and continuing to live off its trade partners.
China's President Xi Jinping and US President Donald Trump during a meeting outside the Great Hall of the People in Beijing.The United States, China and the European Union account for one half of the world economy.
With the magnitude and scope of their trade and financial flows, those three large economic systems are fully capable of setting the pace of global business cycle dynamics – especially if they effectively coordinate their demand management policies. Unfortunately, the policy coordination issue is an old pious wish, despite the fact that the G-20 had been set up precisely for that purpose.
So, as always, the U.S. will continue to be the pace-setter of the global economy at the cost of its half-a-trillion dollar trade deficits serving as net contributions to jobs and incomes in the rest of the world. The U.S., however, is in no position to do that, but that is the price it has to pay for its failure to organize an appropriate burden sharing of running the world economy with its main trade partners.
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