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Europe's Economic Sovereignty Under Scrutiny

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Even with a population of about 450 million people and a considerable economic output, the European Union faces a structural dependency on the United States. The US has significant leverage in key sectors like defense, finance, and digital infrastructure. For example, Europe's defense capability is currently hard to imagine without US support in reconnaissance and nuclear deterrence.

In the digital sphere too, US corporations dominate the value chain for 'Cloud-Diensten' and Artificial Intelligence, which mainly puts Europe in the role of a consumer. At the same time, economists like 'David McWilliams' analyze the fundamental importance of money for human civilization. In his work 'Money', he describes money not just as a means of exchange, but as a social catalyst that can shape societies or cause them to collapse during instability.

This historical perspective is complemented by looking back at the introduction of the Euro cash, which marked a historical upheaval in the European monetary architecture with the so-called 'Starterkits' in 2001. For 'Deutschland', a mixed picture is emerging in the meantime. While US economists like 'Kenneth Rogoff' warn of economic decline and call for reforms in bureaucracy and energy prices, the fundamental capability of German industry is still rated as robust. Nevertheless, transatlantic bloc formation and technological dependencies are increasing the pressure on European politics to develop independent 'strategische Autonomie'.

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Definitions

Strategic Autonomy
The ability of a state or a federation of states to act independently in political, economic, and military terms, without being existentially dependent on external actors.
Starter Kit
A bag with a selection of new Euro coins, which was distributed to citizens shortly before the official introduction of cash in 2002 to familiarize them with the new currency.
Cloud Service
The provision of IT infrastructure such as storage space or software via the Internet, instead of on local computers.

People

David McWilliams
An Irish economist and author who deals intensively with the history of money and its social effects.
Kenneth Rogoff
A US-American professor of economics at Harvard University and former Chief Economist of the International Monetary Fund.

Locations

United States
A North American state that exerts significant influence on the world economy and security policy as a global superpower.
Germany
The largest economy within the European Union, which is currently facing structural economic challenges.

Sources

Logo Der Spiegel
Der Spiegel

(S+) Machtverhältnisse in Grafiken: Wo Europa von Amerika abhängig ist

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Logo Der Standard
Der Standard

Money! David McWilliams' Buch über uns und das Geld

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Logo ZDFheute
ZDFheute

Geld im Wandel: Das Euro-Starterkit als Zeitzeuge

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Logo Bild
Bild

Deutschland droht wirtschaftlicher Abstieg: US-Ökonom warnt | Politik

Read now