The idea of transatlantic economic integration has met with mixed reactions ever since it was first tabled in 1994. Nostalgic advocates of the old Atlantic order have loved it as a substitute for the lost Cold War security cohesion. European politicians have embraced it to demonstrate their commitment to improving transatlantic relations. Trade negotiators in the European Commission as well as in the US administration, however, have been aware of the almost insurmountable diffi culties experienced in bilateral integration talks since the New Transatlantic Agenda was agreed upon in 1995. They hesitate, therefore, to devote yet more effort to US-EU integration policy. And most economists are highly sceptical, seeing a lot of pain and almost no gain arising from Atlantic regionalism.
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