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Is China the New World Banker?
Written by Administrator   
1st October 2014, Madariaga-College of Europe Foundation (Brussels), 10:30 - 12:30

China is the largest foreign holder of U.S. debt with about $1.3 trillion in bills, notes and bonds, behind only the Social Security Trust Fund and the Federal Reserve. The recent creation of the BRICS Development Bank provides China with a new tool to channel additional funds into developing countries. With about one third of global currency reserves, China, often described as the world’s factory, seems on its way to becoming the new world banker. What are the sources and the drivers behind China’s financial power? Will the Yuan become the new world currency? How does the Chinese financial system work and how well-grounded is it? What are its strengths and weaknesses? 

Claude Meyer, Professor, PSIA-SciencesPo Paris and author of “La Chine, banquier du monde” (Paris, Fayard, 2014)

Rupert Willis, China Desk, Unit D3 - G20 countries, IMF, G-groups, Directorate General for Economic and Financial Affairs (DG ECFIN), European Commission

The debate was moderated by Pierre Defraigne, Executive Director, Madariaga-College of Europe Foundation.

En Report 

In partnership with Confucius Institute in Liège (Université de Liège - ULg)

 Institute Confucius - Liège ULg


Departing from TTIP and Going Plurilateral

Pierre Defraigne - Executive Director

Madariaga Paper, Vol. 7, No. 9 (October 2014)

What makes TTIP interesting is that it forces Europeans to enquire into their identity, national, European or Atlantic, and to question the European project, economic space or social model, dependant partner or in charge of its own strategic capacity. The timing is right as changes are gathering speed around Europe. China is becoming the leading economy of the world; in the wake of a new world economic slowdown, the Eurozone is entering its third recession and the effects of climate change are being felt in Europe.

The real question surrounding TTIP is whether it reinforces Europe’s ability to preserve the unique values of civilisation that the European societal model incorporates and affirms vis-à-vis the rest of the world, or whether it puts Europe on a dangerous path for her identity and security.

It is not enough to make a critical evaluation of TTIP and to conclude that is will lead to a stalemate, which is what has been done in the attached essay. What is needed is an alternative that is not the current status quo i.e. Europe’s paralysis and impotence in the face of unemployment and rising poverty within Europe and growing instability and insecurity outside Europe. It is also necessary to redirect trade liberalisation towards objectives of common interest for the world.

This short essay recommends putting an end to TTIP as soon as possible but also recommends choosing another path for development for Europe. It would be a shame to waste all the energy that TTIP rallies in opposition of this project, without taking advantage of it to further the causes of justice and responsibility in the face of a systemic crisis of market capitalism that the European institutions are unable to master.

The European people have to be brought together for a commonality of destiny: not a community of security but a community of project. Europe needs to rediscover the taste for testing new social, political and henceforth environmental ways of life, so as to open up the path to transition towards a carbon-free global economy and towards a fair and secure international order for other countries. These issues are also outlined in this essay in counterpoint to TTIP criticism. Europe has to return to its tradition of pioneering society. This essay only recommends putting an end to TTIP and taking the plurilateral route in order to rebuild something better. 

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Call for Papers

The EU and the Emerging Powers 2015: Cooperation and Competition in Knowledge and Technology

Deadline for Submission of Paper Proposals: 10 November 2014

Registration & Abstract Submission at:

The papers will be presented at an international Conference that will take place in Brussels in the last week of April 2015 

More info


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Marco Giuli/4 September 2014
Dying of Tactics? The UK Down a Dangerous Path
Marco Giuli/19 June 2014

Post-Electoral Remarks 

Marco Giuli/3 June 2014




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