Global Governance

Is the EU Drifting Apart?

On February 10, 2016, the IIEP, in conjunction with the Graduate School of Political Management, the Economic Club of Minnesota, Allianz SE, and GW Institute for European, Russian, and Eurasian Studies (IRES), hosted an International Finance Forum titled “European Union: Drifting Apart Despite Economic Recovery?”

Elliott School Dean Reuben Brigety welcomed a full house to the Elliott School before introducing Professor Graciela Kaminsky, co-organizer, with current CEA member Jay Shambaugh, of the International Finance Forum Series. The series, hosted by IIEP and the GW Department of Economics, features leading academics and policymakers specializing in global macroeconomic issues. Kaminsky welcomed the Forum’s most recent speaker to the stage, Michael Heise.

Heise, Chief Economist at Allianz SE, one of the largest financial services corporations in the world, shared his thoughts on the future of the European Union in a policy discussion moderated by Mark Kennedy, IIEP affiliate and director at the GW Graduate School of Political Management.

Heise stressed the need for nations in the EU to share common values and goals while respecting the different approaches that others may take to achieve said actions.

“We need to be a little less ambitious and acknowledge that different ‘clubs’ are likely to develop within the European Union,” he said.

Heise recommended a collective effort to focus on strengthening economic growth and security, as those are the core elements that bind them together. He also recommended that nations collectively work to recognize the influence of the current refugee crisis and to create solutions to fix the problems arising from it.

Heise believes that these nations should engage in more “policy coordination” between each other so as to encourage a codified structure of solvency and stability into the EU’s current structure. He also discussed the proposal of an “EU Treasury” to lead this initiative of cooperation and coordination.


The Institute for International Economic Policy (IIEP), which is located within the Elliott School of International Affairs, serves as a catalyst for high quality, multi-disciplinary, and non-partisan research on policy issues surrounding economic globalization. The Institute research program helps develop effective policy options and academic analysis in a time of growing controversies about international economic integration in many countries around the world. The institute's work also encompasses policy responses for those who face continued poverty and financial crises despite worldwide economic growth. Affiliated faculty have appointments in the departments of economics, history, and political science as well as the law and business schools.

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