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German American Executive Summit The economic relationship between the United States and Europe has driven and defined the global economy for 50 years. Over the last decade, transatlantic integration has accelerated rapidly despite occasional and sometimes heated trade, political, and diplomatic disputes. U.S. companies now sustain more than 800,000 jobs at their German subsidiaries and nearly 4 million in Europe as a whole. German companies employ more than 1 million Americans in the U.S., and European companies employ nearly 4.5 million. This is just one illustration of the flourishing and mutually beneficial commercial ties between our nations. Yet today we live in an era of extraordinary challenge to our security and our shared vision of sustained and enlightened economic progress at home and around the world. The global economy is weak. The commitment to open markets is uneven. Developing economies struggle for momentum, while the mature economies of Europe, the United States, and Japan face the growing burdens of changing demographics and aging populations. Business executives from the largest economy in the world and the largest economy in Europe have to assume a leadership role at this critical time. Our societies and governments need to deepen their understanding of the enormous benefits and fundamental importance of the transatlantic relationship. Strengthening and securing this relationship for the future — ensuring that it can withstand any problem, dispute, or shock event on the geopolitical stage — is imperative for our countries and the global community. To help provide this leadership, the German American Executive Summit has brought together over 100 CEOs, government officials, and political leaders for an intensive dialogue on the core issues concerning the German-U.S. relationship and the global economy. During these discussions, we have identified the following key issues and recommended actions: Restoring Economic Growth Confidence, momentum, and growth in the transatlantic economy must be
restored. Sustained growth is required not only to create jobs and economic
opportunity, but also to support the needs of aging populations, to foster
hope and progress in the developing world, and to win the battle against
international terrorism. We encourage all leaders who will soon gather
at
Within the WTO framework, a successful Doha round of trade negotiations is important for future prosperity and an open international business environment. The business communities on both sides of the Atlantic should work together and call on their governments to combat the rising fears of globalization and tear down political obstacles in the trade negotiations. We urge governments to work towards a rapid resolution of all WTO disputes. Business leaders should resist the temptations of protectionism.
In the wake of 9/11, global security has become a major political and business issue. Business leaders must work to ensure that security measures fulfill their purpose without jeopardizing the free movement of goods, people, capital, and services. We urge the business community to play a leadership role in this effort by proposing practical ways of ensuring security through well-coordinated and cost-effective measures. In light of our mutual interdependence, it is the “transatlantic homeland” that must be protected.
Recent corporate scandals in the U.S. and Europe have tarnished the reputation of the business community and weakened global public perception of business integrity. American and German business leaders are therefore called upon to reverse this trend by serving as a role model. Restoring faith in business integrity is a vital responsibility of those active in the transatlantic marketplace.
The transatlantic community has a major voice in international economic institutions such as the IMF, World Bank, WTO, and OECD. Eighty percent of the world's multinational corporations are headquartered in the transatlantic region. European and American business leaders thus share a tremendous opportunity to help strengthen those organizations that unite economies in a rules-based system and to help emerging markets develop the capacity, laws, practices, and institutions they need to become full participants in the global economy.
Given the growing interdependence of our economies, it is time to initiate and sustain a much higher degree of coordination and cooperation between industries and regulators on both sides of the Atlantic. Our governments and parliaments must understand, and reflect in their decisions, that, given our deep economic integration, domestic policies governing economic conduct have profound international implications. We recommend that governments give serious consideration to the feasibility of a broad economic cooperation agreement, extending well beyond traditional trade issues, that would reflect the unique, integral nature of the transatlantic marketplace. We are dedicated to continuing our dialogue at every opportunity, including at the November 2003 Fortune Global Forum in Berlin and other follow-on events such as next year's U.S.-German Roundtable.
Thomas J. Donohue
Michael Rogowski
Ludwig-Georg Braun
Wolfgang Ischinger
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