Europe

Ever since the foundation of the 16+1 cooperation platform with Eastern European countries, China has become one of the most influential players in the Balkans too.

China’s Increasing economic presence in the region has led many analysts to focus on the effects of rising Chinese influence. While this is a sound observation, it must necessarily be followed by two questions – to what end is China building its influence in the region and why are Balkan leaders so keen to accept Chinese propositions?

Although discussed for decades, the issue of cultural and religious values has been again brought into the political spotlight since the end of the 20th century. Today, a number of key political and state actors, including the European Union (EU), clearly consider dialogue and engagement with religious institutions and organisations vital resources for achieving stability, security and peace.

The Memorandum of Understanding (MoU) concluded at the end of March between China and Italy drove the global community into a frenzy of excitement. Indeed, Italy was the first amongst the Group of Seven industrialized nations (G7) and the founders of the European Union (EU) to commit to China’s infrastructure projects in the context of the Belt and Road Initiative (BRI).

The EU-China Summit to be held in Brussels this week comes at a crucial and unprecedented juncture in EU-China relations.

When China’s President Xi Jinping launched his flagship project on the “Silk Road Economic Belt” in Astana in the fall of 2013, followed by the “21st Century Maritime Silk Road” in Jakarta a month later, few people in France took notice, except perhaps for a few experts in academic circles or research institutions focusing on China.

The Italian eagerness to sign a memorandum of understanding with the Chinese government over participation in the Belt & Road Initiative (BRI) sent shockwaves throughout Europe. Under the Eurosceptic coalition government in Rome, Italy has found a friend in China, which sees the ‘forgotten’ port of Trieste as the perfect gateway to the heart of Europe for its 21st Century Maritime Silk Road.

Most ways to resolve the current stalemate in the UK parliament with respect to Brexit imply that the UK will no longer be part of the internal market for financial services. There is a risk that capital market services in the EU-27 will decline in scope and quality without the UK in the internal market but this risk can be mitigated. We propose that the EU and the UK form a joint high-level committee to develop proposals for simplified and better regulation that strengthens market discipline.

Shared visions make for strong allies. The US and EU interests in each other’s energy security run deep for a reason. Energy security and interconnectivity breed economic opportunity and stability as well as political security, all of which are of the highest priority on both sides of the Atlantic.