Global Economic Security And Reformation Act – Kemal Dervish and Kemal Dervish Senior Fellow José Antonio Ocampo José Antonio Ocampo Chair, United Nations Committee on Development Policy, Professor and Director, Economics and Policy Development, School of International and Public Affairs, Columbia University @josa_ocampo

Russia’s invasion of Ukraine exposed many weaknesses in the international order. There are major flaws in the UN Security Council and its role in overseeing the multilateral system. Specifically, the war in Ukraine once again demonstrated that the veto power of the five permanent members of the Security Council constitutes a major obstacle to peace, underscoring the point made in our Institutional Report article.

Global Economic Security And Reformation Act

Global Economic Security And Reformation Act

Chapter 1, Article 1, of the United Nations Charter formulated after the end of World War II states that the primary goal of the United States is to maintain international peace and security. To this end, the organization aims to prevent threats to peace, deter acts of aggression and promote the peaceful settlement of international disputes. Chapters VI and VII of the Charter entrust this important mission to the Security Council

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But the absolute veto power granted by Article 27 to each of the permanent members of the Security Council (the P5, consisting of China, France, Russia, the United Kingdom and the United States) has posed a major obstacle to the normal functioning of the organization since its creation. Mission In fact, the P5 is almost always divided into hostile geopolitical blocs, with members of the same bloc—primarily the Soviet Union (and its now successor Russia) or the United States—vetoing many important decisions.

The war in Ukraine once again exposed the veto power of the five permanent members of the Security Council as a major obstacle to peace.

Russia’s brutal blitzkrieg in Ukraine is a reminder that the Security Council is ineffective when the interests of one or more of the P5 conflict with those of other members. After World War II, optimists hoped that security threats would first prompt the Security Council to impose broad, mandatory economic sanctions to deter aggression and encourage peaceful resolutions to conflicts.

But Russia’s veto power on the Security Council in the current conflict in Ukraine means the United States and its allies can only impose sanctions through a “coalition of the willing.” It is true that due to the large number of countries and the wider coverage of the US dollar payment system, the sanctions imposed by the United States are extremely effective. However, in this case, as in others, the system imposed by the World Council Security Council will be even weaker for the sanctioned economies.

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Furthermore, the emerging role of digital currencies and changes in the international monetary system could undermine the role of the dollar and undermine what the U.S.-led coalition can achieve. In other areas, such as former US President Donald Trump’s decision to reimpose severe economic sanctions on Iran in 2018, the United States also caused concern among other US allies.

Finally, while much of the world has rallied around U.S.-led democracies in the face of Russia’s overt aggression in Ukraine, unfortunately we cannot rule out the possibility of a Trump or similar administration in the future. Its veto power in the Security Council could be a problem for much of the democratic world

What is even more regrettable is that the current multilateral system is based on an illegitimate and inefficient Security Council, which threatens peace and security. These include not only conventional acts of aggression that the world has witnessed in Ukraine that could escalate into a nuclear exchange, but also other security threats posed by new technologies.

Global Economic Security And Reformation Act

For example, state or non-state actors can cause disruption through destructive cyberattacks or misuse of artificial intelligence. Synthetic viruses that are more deadly than the coronavirus that causes COVID-19 could cause untold damage, whether through bioterrorism or biological error. Climate change poses a threat to all humanity and a reformed Security Council must pay attention. In all these areas, strict and generally binding regulations are crucial

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Therefore, we advocate changing the way the Security Council operates and introducing the possibility of overriding the veto power of the permanent members. This could be achieved by adding a clause to Article 27 that would allow a larger double majority – for example, at least two-thirds of member states and two-thirds of the world’s population to override a veto.

Our proposal today will be vetoed by Russia, possibly China, and all three of the P5 democracies, including the United States, but most countries will support it. In fact, this is an ideal transition period for the world’s democracies, including the United States. By supporting this initiative, President Joe Biden’s administration can seize the moment to demonstrate its determination to create an equitable and inclusive multilateral system. This would send a powerful and widely welcomed message that the United States believes its enlightened national interests are consistent with those of the majority of the world’s nations and peoples.

First, such a proposal is unlikely to gain sufficient support in the U.S. Congress. But in every crisis lies opportunity. Programs like the one above can support reforms in the United States and other democracies concerned about old and new threats to human security.

As peace is increasingly threatened, the Security Council can play a greater role in mitigating threats. Hopefully, Russia’s aggression in Ukraine will bring about fundamental changes that will make this institution more legitimate and effective. Don’t call it decoupling This week, the European Commission published the European Economic Security Strategy, an ambitious plan to intervene in the European economy to reduce security risks in supply chains, critical infrastructure and digital technologies. European Commission Executive Vice President Margrethe Vestager stressed that this strategy would reduce risks to the European Union (EU) rather than double its economy. But from whom? If this strategy is a simple answer, then China, the EU’s largest trading partner in goods, is a well-understood answer.

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Read below to find out what Atlantic Council experts have to say about the strategy’s content and its implications for Europe’s economic and geopolitical future.

The European Economic Security Strategy is a welcome development not only in terms of its content, but also in the way the European Commission views economic security.

The strategy highlights the Commission’s approach to risk reduction within a “promotion, protection and partnership” framework.

Global Economic Security And Reformation Act

Geography policy today It proposes a new assessment of vulnerability, tougher rules in key areas such as foreign direct investment and export controls, and new rules for overseas investment. It reuses existing proposals – such as the Critical Raw Materials Act, the Net Zero Industries Act and the Cyber ​​Resilience Act. In and of themselves, these elements are not without merit. But it would be a mistake to stop there. Overall, the Strategy is a welcome document in which the Commission demonstrates how its principles can become greater than the sum of its parts.

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Despite the content of the strategy, three steps have been taken to shape the way Europe sees its economic future. First, start with knowing yourself The strategy begins with a candid admission that Europe is “well prepared” for the COVID-19 pandemic, Russia’s war in Ukraine and unnamed challenges: Read: China – the actor in Europe. Second, the strategy recognizes that the European market, its regulation and coordination, constitutes a European force “that can keep global supply chains open and standardized” in its own right. Third, direct reference to identified economic risks that may pose a threat to European national security is a small but important addition. It represents recognition of geographical and economic integration

However, this strategy also demonstrates the potential and limitations of the Commission. First, despite Bramont’s geographical influence, the Council still relied on continental capitals to approve and implement new laws. Throughout the Strategy, Member States are politely reminded of the implementation or enforcement of existing or future legislation. Secondly, and perhaps more importantly, it is clear that the European Commission is ahead of the member states on security, defense and now economic issues. Many member states will have reservations unless they object to some of the strategy’s principles and recommendations. There is no consensus among member states on how best to defend against China.

It is important to remember that, since the formulation, articulation and punctuation of the strategy will now be analyzed and debated across the continent and in the European Parliament, the strategy is not a road map to solve all Europe’s misfortunes, but an open one picture. volley.

Online Event Friday, June 23, 2023 • 10:30 AM ET Competition or Cooperation: The Debate on Transatlantic Strategies to Reduce China Risks Is a Transatlantic Agenda for China Possible? UP and China experts analyze the attitudes of the United States and the European Union toward China in an era of geopolitical confrontation.

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The recently announced European Economic Security Strategy runs counter to the EU’s previous “strategic autonomy” security priorities. This could cause friction with China and the United States.

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