Three historic shifts are transforming the global security environment. There is an economic shift of wealth generation and finance from West to East, the climate shift to higher temperatures and sea levels, and a geopolitical shift to a multi-polar world order. All of them will bring about changes that cause Europe and Asia’s security interests to overlap to an extent not seen since the onset of the Cold War period.
First the economic shift: Asia is fast becoming the most important part of the world for Europe’s economic interest. In a recent round-table hosted by FRIDE and the EU-Asia Centre, the European Union External Action Service’s (EEAS) Director for Northeast Asia,Gerhard Sabathil, pointed out that the EU’s trade with East Asia (28%) now exceeds transatlantic trade (23%). If Asia has a security sneeze, Europe will catch a cold in its export trade with big knock-on effects for the rest of its economy. Then there is the importance of Asian finance power for our public and private debt and investment. But this economic shift is only the most obvious reason we should be more attentive to what happens ‘over there’. Continue reading