Economics, Defense and Security: Here is Why The EU Elections Are Important for America

Written by Kathrine Frich

May.29 - 2024 11:50 AM CET

Politics
Photo: Shutterstock
Photo: Shutterstock
The elections to the European Parliament, have far-reaching consequences not only for the EU member states but also for The United States of America.

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The next election to the European Parliament is scheduled to take place between June 6th and June 9th, 2024. The election is held every five years, and in 2024, European citizens will once again have the opportunity to vote for their representatives in the European Parliament.

The elections to the European Parliament, have far-reaching consequences not only for the EU member states but also for USA.

The elections, which gather votes from over 400 million European citizens, determine the composition of the European Parliament and thus influence the EU's policies and priorities.

Economic Relations

EU and the US have one of the world's largest trading relationships, with an annual trade volume exceeding $1.1 trillion.

The results of the EU elections can affect trade agreements, regulatory standards, and economic policies, directly impacting American businesses and investors.

For instance, a strengthening of protectionist parties in the EU could lead to more trade barriers, affecting American exports to Europe.

Security and Defense

The US and EU are close allies in NATO, and European politics play a significant role in transatlantic security cooperation.

The EU elections can alter the balance in European defense and security policy, especially if there is an increase in support for parties skeptical of NATO or those wanting to reduce European defense integration.

This could challenge the USA's strategic interests in the region and change the dynamics of international security alliances.

Climate Policy

EU is a global leader in climate policy, and the election results can shape the union's approach to climate change.

A European Parliament dominated by green parties could mean more ambitious climate policies, which could influence global markets and pressure USA to enhance its own climate efforts. Conversely, a decline in support for green initiatives in Europe could reduce global pressure for climate action.

Technology Regulation

EU is also a pioneer in technology and data protection regulations, impacting American tech giants like Google, Facebook, and Amazon.

The election results could lead to stricter regulations, directly affecting these companies' operations and strategies.

Stricter rules could mean higher costs and altered business models for American tech companies operating in Europe.

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