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Changing World Order: towards a new balance of power by Paolo Di Gaeta

The ongoing Russo-Ukrainian war, with its impact on the commodity markets and financial flows,
reveals a trend leading to a reshuffling of the cards among the countries on which the world order
essentially depends.

“In any case, a strong desire to change the Does this mean that the world will soon be other hand, subject to question.
game is emerging among those whose growing moving at an entirely different pace? “Not in “Unlike the United States, the EU lacks a
strength leads them to believe that their voices the next decade, Paolo Di Gaeta responds. common defence, and its countries do not
should be listened to much more attentively, “The dollar, with its value backed by American truly follow a unified budgetary policy, even
as China’s has been for several years, both economic and military strength, will remain if they do share some rules. Furthermore,
economically and geopolitically,” observes for several years to come, the only truly its major decision-making process is still
Paolo Di Gaeta, a specialist in international universally accepted currency for energy governed by the rule of unanimous voting
finance. markets, commodities and high-tech industries by its members. In this regard, the Russo-
In fact, Brazil is now asking to settle purchases (such as aerospace and defence). However, Ukrainian conflict has shed a harsh light on
from China in Yuan rather than dollars. Saudi we should be wary of the turning tide. This is the EU’s difficultly in providing simultaneous
Arabia is calling on OPEC members to reduce all the more so given the emergence of a new and homogeneous responses, as well as
oil extraction in order to support the price, while unruly giant – India – and the fact that the the limitations of its production capacity
the United States has been demanding the emerging powers such as Brazil and South and stocks in the arms industry, especially
opposite for months and months, to no avail. Africa continue to draw closer to China and to when compared to what the Americans are
During this time South Africa invited a ship from forge ties with it in the hope of rapidly gaining capable of in this regard.”
the Chinese fleet to participate in its latest naval greater influence”. Paolo Di Gaeta, an ardent advocate for the
manoeuvres, and the Indian representative at creation of the “United States of Europe”,
the UN, like Beijing’s counterpart, is abstaining A Determining Period for the European Union hopes that 2024, the year of elections for the
from the vote to condemn Russia’s aggression While American pre-eminence still seems European Parliament will be a ground breaking
against Ukraine, and also the imposing of assured in the long term, the status of the year. “Given the military threats and the signs
sanctions on Moscow. European Union on the global stage is, on the of new dynamics in the global balance of
power, our ‘old continent’ must not miss the
opportunity to change its governance and
become a more federal union in order for it to
strengthen, if it wants its voice to continue to
carry weight internationally. Moreover, that is
why the EU’s contribution to NATO’s budget
compared to that of the United States needs
to be re-evaluated to reach the level that a
population of 500 million should generate.”
However, the very high level of public debt
in several EU member states constitutes a
significant obstacle to policy restructuring
within the EU, especially as the fight to curb
climate change and mitigate its consequences
is, and will be, synonymous with major financial
mobilisation.
“All the more reason why the governance of
the EU that will result from the 2024 European
elections should push for the establishment of
a different public accounting system, one that
does not categorise the raising of funds needed
for environmental preservation as liabilities,
© Depositphotos/SIphotography investment. Of course repayments will have
as this is not a question of expenditure but of

to be guaranteed, but by very long-term loans
earmarked clearly for targeted purposes and
endorsed by supranational signatories.”

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