The energy transition and climate events will become increasingly disruptive in the years ahead. 2  See e.g. Rey, Helene 2013. “Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence.” Proceedings – Economic Policy Symposium – Jackson Hole, Federal Reserve Bank of Kansas City: 285–333.
The European model has benefits associated with greater economic stability for economic agents than in the more dynamic US economy. Recall, for example, the more generous European social safety net. However, doing it the European way comes at a price in terms of less flexibility. For instance, the American model is more adapted to integrating new technologies.