The vocal transcription is via an IA

International cooperation has been the catalyst for the long period of growth of recent decades. Multilateralism, which is its measure, has been exercised through the acceptance of shared rules by states and the establishment of institutions such as the United Nations.

But this shared dynamic is fading. Power relations are gradually replacing respect for collective rules and cooperation.

Multilateralism can be defined as the acceptance, by a large number of countries, of persistent and binding rules in order to influence the behavior and activities of states. Its functioning requires a leader, the bearer of global public goods.

The remarkable action of the United States since World War II has been to give itself the means to be powerful enough to believe that its action will generate absolute gains for the entire global system.

Washington has guaranteed production and access to global public goods.

The American state, in the context of the Cold War, was a defender of the idea of ​​democracy, even if it meant intervening militarily. The use of the dollar in international transactions and the emergency intervention of the Fed facilitated the development of trade and growth.

The structure of multilateralism was built on two levels: rules for member countries and a leader, the United States, as provider of global public goods. This framework was attractive, attracting countries leaving COMECON and subsequently China.

However, this multilateral device is now broken.

Two major reasons.

1- The unilateral structure supported by the USA does not fit into a bilateral framework. With the emergence of China, the two nations are competing with each other, defining a less homogeneous form. Each nation may want to “personalize” its own rules. This raises the question of global public goods, previously supported by the hegemon.

2- The marked change in the US administration since the arrival of Donald Trump. Trade negotiations have moved beyond the multilateral framework, with each country having to come to Washington to negotiate according to standards defined by the White House. The rules no longer apply to everyone in the same way. The question of the role of the dollar and the Fed is also raised. The United States, which had championed multilateralism, no longer wants this burden, considering that the cost to American citizens has been too high, particularly in terms of industrial employment.

The multilateral framework is weakening, and the movement appears irreversible. China will not back down, and the United States no longer wants to maintain its share of hegemony as it did in the recent past.

It is up to us, collectively, particularly in Europe, to invent a new framework. The stakes are high to avoid tensions that could become conflictual.