The Challenges Ahead

Success brings responsibilities. Our respective governments are playing an important role in facilitating our integration. Chancellor Merkel proposed a Transatlantic Economic Council (TEC) to reduce regulatory barriers to transatlantic trade, an initiative which President Bush readily endorsed. Both governments and industry need to show strong leadership in lowering regulatory barriers. Additionally, we should ensure that our economies remain open and receptive to trade and investment. Because of the enormous spin-offs of U.S. and German prosperity on the broader global economy, Germany and the United States also need to remain close partners in encouraging pro-growth policies beyond their own borders. To cope with the recent financial turmoil, governments, financial communities and regulators must cooperate more extensively to ensure optimal solutions to complex problems.

Equally, it will be important for our citizenry to recognize fully how the bilateral relationship benefits their economic well-being. More and more of our citizens are finding themselves in jobs that are a direct result of our economic integration. Promoting fuller awareness of these vital economic stakes was a major impetus behind undertaking this study and producing this brochure. It is our firm hope that a broader understanding of the depth of our economic connectivity and its vital importance to the prosperity of our citizens will lead to an even more constructive and productive U.S.-German bilateral relationship.