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International Relations and the European Union

International Relations and the European Union (4th edn)

Christopher Hill, Michael Smith, and Sophie Vanhoonacker-Kormoss
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date: 24 April 2024

p. 1819. The European Union and the Global Political Economylocked

p. 1819. The European Union and the Global Political Economylocked

  • Amy Verdun

Abstract

This chapter examines the position of the European Union (EU) in the global political economy (GPE). It also highlights key dimensions of change and development, and evaluates the EU’s impact on the operation of the contemporary GPE. It does this by examining key ideas in international political economy (IPE), by relating these to the growth of the EU, and by assessing the EU’s role in the GPE in three areas: European integration itself, the EU’s engagement in the GPE, and the EU’s claims to be a major economic power. The final part of the chapter brings these together with an analysis of global economic governance—in particular, the EU’s role in the financial, multilateral state system with its principles of global governance, and pays some attention to recent crises (such as the Covid-19 pandemic) and the Russian invasion of Ukraine.

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