Sustainable Prosperity for Europe

Economic governance

Global governance reform: A chance for strategic cooperation between the EU and emerging market economies

10 December 2015

As emerging market economies (EMEs) grow in importance and influence in the economic system, they are also increasingly starting to shape the international agenda. Although the current global governance system is well established, these countries have pointed out the deficiencies of the post-war world order, as it often does not mirror today’s geo-economic and geo-political realities. Emerging economies have therefore been trying to increase their influence in the existing governance system while also testing various ideas on working together in smaller groups, including the Brazil, Russia, India, China and South Africa (BRICS) construction.

The EU has also been struggling with how to place itself. The difficulty of positioning the European External Action Service (EEAS) within the system of global governance provides an example: member states’ ministers have been keen to stick to their competences and reluctant to give up direct lines to other states. Negotiating at the international level to convince the rest of the world that the EU has grown in importance – and that this should be reflected in the way that the EU is dealt with in international fora – has been an additional difficulty. While some progress has been made in the United Nations (UN), a lot of work is still required for this to be a success.

The European Policy Centre (EPC) organised this Policy Dialogue chaired by Poul Skytte Christoffersen, Chairman of the Governing Board and Senior Adviser, EPC, with four experts and policy makers from the EU and emerging market economies, to reflect on issues of global governance and opportunities for cooperation between the EU and EMEs on potential changes to be made.

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