Carney's Brussels Visit Marks Shift Towards Global Coalitions
The recent developments in global politics and economics have been marked by significant shifts. The oil price has breached $100, a milestone that has not been seen for some time. Additionally, the US Federal Reserve has raised interest rates under its new chair, Kevin Warsh, to establish credibility.
However, it was Canadian Prime Minister Mark Carney's meeting with European Commission president Ursula von der Leyen in Brussels that signified a significant change. Von der Leyen referred to this moment as part of 'a new world' where nations need to build global coalitions for resilience and democracy.
This development indicates an inflection point for post-World War 2 economic communities. The North American Free Trade Agreement (Nafta) has given way to the US-Mexico-Canada Agreement (USMCA), which emphasizes regional trade. Yet, this seems at odds with the 'bambazonke' attitude of Canada's and Mexico's neighbor.
The term 'bambazonke', meaning to snatch everything, was used by the Rhodesian government in the past to describe the centralization of power and resources. This dynamic is also seen in regional blocs where larger powers carve out a larger share of output through belligerent diplomacy.