Economic statecraft in an age of geopolitical rivalry

Economic statecraft in an age of geopolitical rivalry

Conference in Kronberg, Germany

This conference examined the role of economic statecraft in a new age of geopolitical rivalry. There was a consensus that Western governments need a broader, more integrated strategy, which includes preventing dependencies on unreliable countries, diversifying supply chains, and ensuring the rigorous enforcement of economic tools. The discussion also addressed the effectiveness of Western sanctions against Russia, with many participants agreeing that they had not worked as well as hoped, although some argued they had a limited positive impact in the initial phases. The conference also explored how to respond to the rivalry between the United States and China, suggesting that US allies should align with American policy in areas such as export controls and investment screening. Finally, the group discussed the importance of enhancing cooperation among allies and using financial measures and development aid as part of the economic statecraft toolkit.