EU's Dilemma: Trading Values for Vital Resources
The European Central Bank highlights the EU's growing trade with autocratic regimes, challenging its values-based economic policy. The shift poses existential threats and complicates the green transition, as key resources are sourced from less democratic countries. The blog suggests this trend persists beyond trade ties with China.
- Country:
- Germany
The European Union faces scrutiny for increasingly trading with autocratic regimes, potentially undermining its values-based trade policy. A blog post by European Central Bank economists indicates this trend contradicts the EU's commitment to social justice and human rights.
The analysis reveals growing trade with autocracies since 1999, which only recently slowed due to sanctions on Russia. Despite excluding China from the analysis, the trend persists, contradicting claims that declining democracy overall is to blame.
The report also raises concerns about the green transition, as essential resources are located in autocratic nations. This dependence could pose a challenge to the EU's strategic autonomy, complicating efforts to adhere to its principles while securing necessary materials.
(With inputs from agencies.)
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