By Jesco Schwarz
A geopolitical perspective on the EU/U.S. Free Trade Agreement and its implications for global currency markets and pressures metals
The EU as well as the USA is pushing their negotiations on the Transatlantic Free Trade Agreement hard. President Obama addressed this topic in his February 2013 State of the Union speech for the first time publically1. Although a Transatlantic Free Trade Area isn’t a new idea (first considerations already took place in the 1990s2) the pace at which this project is now being pushed is astonishing. After the February State of the Union speech it took just two months for EU trade ministers to decide that negotiations will not only take place, but will start in summer 2013, which in political dimensions means immediately, with a possible signing of the contracts by the end of 20143. This is light speed for political dimensions, especially taking the impact and gravity of such an agreement into account. But why are EU and U.S. politicians pushing an agreement so hard that was basically put on hold for 20 years? Well, it might have more to do with the present economic crisis than is obvious at first sight.
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