TRADE LIBERALISATION IN EUROPE AND THE REST OF THE WORLD - CES.pdfVIP

TRADE LIBERALISATION IN EUROPE AND THE REST OF THE WORLD Cristian Spiridon Alexandru Ioan Cuza University of Iaşi, România cristian.spiridon@feaa.uaic.ro Abstract: The present paper aims to disseminate how liberalisation processes were conducted around the globe and especially in Europe since the XIXth century up to date. The research objective is to review the liberalisation of trade dynamics and create an image of the architecture of the most important trading blocs. Analysis will be conducted considering the three major regional blocs: Europe, North America and East Asia. The main findings will show that, despite the few mutations that occurred in international trade as a result of the emergence of developing nations as major trade partners, the European Union and the United States remain the economic and trade hegemons. Key words: European Union, trade blocs, protectionism, regionalism, trade agreements, multilateral negociations, financial crisis JEL classification: F10, F13, F14, F15, F36 INTRODUCTION Since the intensification of the financial crisis in September 2008, the issue of protectionism has received considerable attention among the general public. These pressures of escalating protectionism threatened and still threaten to intensify such a practice in response to the downturn of the world economy. Early signs quickly became apparent to the world economies. Immediately after the commitment of the Group