New Hanseatic League

The New Hanseatic League was established in February 2018 by European Union finance ministers from Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, the Netherlands and Sweden through the signing of a two-page foundational document which set out the countries' "shared views and values in the discussion on the architecture of the EMU."

The New Hanseatic League developed from an informal cooperation among like-minded fiscally conservative northern European states that has also been referred to at various points as 'The Vikings', and the 'Bad Weather coalition'. The grouping sees clubbing together as a way to make of for the loss of the like-minded Britain in the European political arena after Brexit.[1][2] The countries involved want a more developed European single market, particularly in the services sector (i.e. a so-called 'Capital Markets Union').[1][2] They also want to develop the European Stability Mechanism into a full European Monetary Fund that would redistribute wealth from trade surplus to trade deficit EU member states.[3]

In a speech delivered in the Netherlands, Ireland's Tánaiste (deputy head of government) Simon Coveney suggested cooperation among the countries in the alliance could extend to foreign policy as well, such as the Middle East peace process and the EU's relations with Africa.[4] Some have expressed fears the New Hanseatic League could exacerbate existing north-south political divides in Europe by grouping northern European countries too closely.[3]

See also

References

  1. 1 2 "The EU's new Hanseatic League picks its next Brussels battle". Financial Times. Retrieved 11 October 2018.
  2. 1 2 "EU's New Hanseatic League picks its next battle". Financial Times. Retrieved 11 October 2018.
  3. 1 2 "Why a New Hanseatic League will not be enough". The Clingendael Spectator. 2018-09-25. Retrieved 11 October 2018.
  4. ↑ "Speech by Tánaiste Simon Coveney T.D. at The Hague, The Netherlands". Irish Department of Foreign Affairs. Retrieved 11 October 2018.
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