US and EU Common Market

[FitzFord]

It has been argued that the proposed new trade deal between the EU and the US would in effect create a common market between the new partners - the largest in the world. Given the difficulties in governance that the EU continues to endure (recall- it began as a Common Market), this new common market would encounter some interesting governance issues. What are the parameters that should be established for this new Common Market; what governance measures and mechanisms should be encompassed and which should be avoided; what should the program, with various stages, performance indicators and institutional systems look like? Are these questions being debated publicly as yet?

Do our members and readers have some suggestions? Have there been recent decentralization programs that suggest issues to detail, resolutions to consider and processes to follow or avoid? Many of us have been engaged in these questions in a more limited context. What does our experiences suggest as the prospects for success, failure or difficulties?

Fitz.

[John Short]

Fitz,

The WTO was set up to move trade away from these bilateral trade deals!  This is a trade deal and needs to stick to being a trade agreement and nothing more, but it would be better if it were a multilateral deal (with the USA and USE as two partners) and extend it into the wider trading arena.

[FitzFord]

John,
Let's assume that nothing goes as initially presented - the WTO never evolved beyond being an arbitrator; the Euro Common Market became the EU, and continues to grow its membership and strengthen its control over the financial system - there appears to be an impetus to consolidate, which suggests motivation that is not being clearly articulated (is that delicate enough?). There are motivations that move these flows; the question for us technicians is, how do we advise on better systemic arrangements?
Fitz.

[John Short]

For those who think that consolidation is not a good thing, an opportunity to earn some cash (IEA Brexit Prize)

http://www.iea.org.uk/brexit

There does not seem to be any prizes (yet) for answering Fizt's challenge.