Mark Carney

The transatlantic alliance was really built out of the ashes of World War II. And it grew out of a number of very high-minded impulses. One, the need to rebuild Europe after World War II. and the need to avoid the kind of horrible bloodshed that we had seen in that war, and also the need to secure democracies and the rule of law.

The transatlantic alliance was really built out of the ashes of World War II. And it grew out of a number of very high-minded impulses. One, the need to rebuild Europe after World War II. and the need to avoid the kind of horrible bloodshed that we had seen in that war, and also the need to secure democracies and the rule of law.

So the US and Europe set out to build a number of alliances and institutions that would safeguard the peace and lay the conditions for future prosperity. And these included NATO, that's the North Atlantic Tree Organization, a military alliance that was founded in 1949 and is built around the principle of collective defense.

So the US and Europe set out to build a number of alliances and institutions that would safeguard the peace and lay the conditions for future prosperity. And these included NATO, that's the North Atlantic Tree Organization, a military alliance that was founded in 1949 and is built around the principle of collective defense.

They also included the United Nations, and they also created very close economic ties between these countries. So this alliance is built on values, it's built on security, it's built on self-interest, but it was really meant to be the bedrock of the post-war system.

They also included the United Nations, and they also created very close economic ties between these countries. So this alliance is built on values, it's built on security, it's built on self-interest, but it was really meant to be the bedrock of the post-war system.

as the decades unfold and throughout the entire Cold War, European countries are able to sort of essentially shelter under this security umbrella provided by the United States, which allows European countries to build their economies without having to spend a disproportionate amount of money on their own defense.

as the decades unfold and throughout the entire Cold War, European countries are able to sort of essentially shelter under this security umbrella provided by the United States, which allows European countries to build their economies without having to spend a disproportionate amount of money on their own defense.

Indeed. It sort of gives Europe the ability to focus and drive all their resources and energy into economic and social development rather than having to worry about defense, because much of that is essentially being carried on the shoulders of the United States. And so by the end of the Cold War, you see these countries emerging not just in peace, but also very, very prosperous.

Indeed. It sort of gives Europe the ability to focus and drive all their resources and energy into economic and social development rather than having to worry about defense, because much of that is essentially being carried on the shoulders of the United States. And so by the end of the Cold War, you see these countries emerging not just in peace, but also very, very prosperous.

They developed one of the largest trading blocks in the world, very open trading arrangements with their neighbors, with the United States and with other countries. And so really, the United States helps create a very powerful economic engine in the heart of Europe.

They developed one of the largest trading blocks in the world, very open trading arrangements with their neighbors, with the United States and with other countries. And so really, the United States helps create a very powerful economic engine in the heart of Europe.

Well, a couple of things. One is on purely the idealistic level. The U.S. was bolstering like-minded democratic countries and holding back the tide of Soviet communism. So there was an ideological component. But as time went on, there were all sorts of other military and security-related advantages for the United States. Allies fought with the U.S. in the Vietnam War, for example. Mm-hmm.

Well, a couple of things. One is on purely the idealistic level. The U.S. was bolstering like-minded democratic countries and holding back the tide of Soviet communism. So there was an ideological component. But as time went on, there were all sorts of other military and security-related advantages for the United States. Allies fought with the U.S. in the Vietnam War, for example. Mm-hmm.

And after 9-11, the all-important Article 5 provision of the NATO treaty under which any NATO member who comes under attack is automatically supported by all the other members of the NATO alliance. You saw our allies come to our aid in Afghanistan and elsewhere. So there were over the years a series of military and security advantages for the United States. But it didn't end there.

And after 9-11, the all-important Article 5 provision of the NATO treaty under which any NATO member who comes under attack is automatically supported by all the other members of the NATO alliance. You saw our allies come to our aid in Afghanistan and elsewhere. So there were over the years a series of military and security advantages for the United States. But it didn't end there.

There was also an economic component to this. In return for the US's role in helping underwrite the defense of Europe, the US got advantageous access to what was turning into one of the world's great economic and trading blocs. So in the 60s and 70s, you saw American multinationals set up large operations in Europe.

There was also an economic component to this. In return for the US's role in helping underwrite the defense of Europe, the US got advantageous access to what was turning into one of the world's great economic and trading blocs. So in the 60s and 70s, you saw American multinationals set up large operations in Europe.

In the 80s, you began to see American consumer culture come to Europe, the McDonald's on the Champs-Élysées in Paris. In the 90s, you saw German carmakers build factories in the U.S., BMW, Mercedes. And later on, Silicon Valley giants and pharmaceutical companies began setting up regional operations in Ireland. So there's been this enormous amount of bilateral investment and trade.

In the 80s, you began to see American consumer culture come to Europe, the McDonald's on the Champs-Élysées in Paris. In the 90s, you saw German carmakers build factories in the U.S., BMW, Mercedes. And later on, Silicon Valley giants and pharmaceutical companies began setting up regional operations in Ireland. So there's been this enormous amount of bilateral investment and trade.