US and EU integration?

President Bush signed an agreement creating a "permanent body" that commits the U.S. to "deeper transatlantic economic integration," without ratification by the Senate as a treaty or passage by Congress as a law. The "Transatlantic Economic Integration" between the U.S. and the European Union was signed April 30 at the White House by Bush, German Chancellor Angela Merkel – the current president of the European Council – and European Commission President José Manuel Barroso. The document acknowledges "the transatlantic economy remains at the forefront of globalization," arguing that the U.S. and the European Union "seek to strengthen transatlantic economic integration." The agreement established a new Transatlantic Economic Council to be chaired on the U.S. side by a cabinet-level officer in the White House and on the EU side by a member of the European Commission. The current U.S. head of the new Transatlantic Economic Council is Allan Hubbard, assistant to the president for Economic Policy and director of the National Economic Council. The current EU head of the council is Günther Verheugen, vice-President of the European Commission in charge of enterprise and industry.



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