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Impossible Decoupling, Improbable Cooperation: Economic Interdependencies in the Face of Power Rivalries

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Export restrictions, economic and financial sanctions, politicization of monetary and financial choices, screening of inward and outward foreign direct investments, exceptional customs duties, and state interventions in sectors deemed strategic: the political vise is tightening around international economic and financial relations.

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This shift is the result of economic transformations as well as political and ideological ambitions. Economic and financial interdependencies remain very close, but they are increasingly constrained by power rivalries.

“Geoeconomics” remains, to the extent that economic logic still entails both mutually beneficial exchanges and often conflicting state interests. But it is becoming more complex, moving towards a logic that can be described as “geofinance”: the simultaneous politicization of financial and information flows shows that the objectives, tools, and support points of these interactions are profoundly transformed.

The increasing weaponization of interdependencies illustrates these trends: political rivalry motivates it, the challenge of climate change redefines the stakes, the intensity of interdependencies increases the potential consequences, growing complexity creates favorable backgrounds, the dematerialization of productive capital fuels non-cooperative state strategies and often makes interdependencies inextricable.

This upheaval gives a new security dimension to international economic policies. Economic security is becoming omnipresent in international relations, but the approaches and consequences of this common concern differ widely.

 

Thomas Gomart, Director of Ifri.
Sébastien Jean is professor of economics at Conservatoire National des Arts et Métiers (Paris), where he holds the chair Jean-Baptiste Say d’économie industrielle. He is also Associate Director with Ifri, where he is in charge of the “Geoeconomics and Geofinance” initiative.

 

This study is also available in French : "Découplage impossible, coopération improbable. Les interdépendances économiques à l’épreuve des rivalités de puissance".

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979-10-373-0768-2

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Impossible Decoupling, Improbable Cooperation: Economic Interdependencies in the Face of Power Rivalries

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Author(s)
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Thomas GOMART

Thomas GOMART

Intitulé du poste

Director of Ifri

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Geoeconomics and Geofinance Initiative
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Economic questions are approached from a political economy perspective: the evolution of the global economic system, governance and institutions, dynamics and trends of various economic zones (United States, Russia, China, emerging markets...). European issues are at the core of our research. 

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Multi-alignment and De-risking: The Global South Response to World Fragmentation

Date de publication
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Accroche

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Date de publication
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Accroche

As China tightens export controls on critical minerals, it is important to put Beijing's policies in perspective and analyse how Europe can respond.  

Strengthening US-EU Cooperation on Technical Standards in an Era of Strategic Competition

Date de publication
26 May 2023
Accroche

Transatlantic ties have had a rough go in recent months. After an unprecedented degree of alignment on Russia in the first half of 2022, including the quick and efficient rollout of a series of groundbreaking sanctions packages, the United States and Europe stepped back into dispute territory with the fallout from measures taken by Washington, notably some key provisions of the pathbreaking Inflation Reduction Act (IRA) passed last summer.

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European Union–Republic of Korea Cooperation on Economic Security: Opportunities, Limits and Challenges

Date de publication
17 June 2024
Accroche

This piece is a revised version of a paper presented at the conference on “New Convergences in EU-ROK Economic Security Relations”, organised in Rome on 30 January 2024 by the Istituto Affari Internazionali (IAI).

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Impossible Decoupling, Improbable Cooperation: Economic Interdependencies in the Face of Power Rivalries