AN ECONOMIC SUPERPOWER WITHOUT AUTHORITY? : An in-depth case study of the European efforts to counter the American-initiated embargo on Iran following the U.S. withdrawal from the Joint Comprehensive Plan of Action

Sammanfattning: It has been written extensively on the EU’s evolving role in the global economy. A mere numeric analysis tells the story about the world’s greatest economic actor that continuously grows in both scope and magnitude. However, due to an increased politicisation of global economic interactions, the matter is not that simple. Scholars agree that the USA, since the end of the Cold War, has been the preeminent actor, arranging, facilitating and maintaining the liberalisation of the global economy. Amongst these scholars, there is a consensus that the EU has developed its position within the framework for which the USA has pioneered and provided. The question is what happens when the USA withdraws from its global commitments and runs a policy counter to fundamental European interests and values? Through a detailed investigation of the European efforts to counter the American withdrawal from the Joint Comprehensive Plan of Action and the reactions from the number of actors affected, I capture the extent to which the EU arrives at operating credibly and autonomously of the USA on an issue of strategic interest. My conclusion is that the EU’s agency in global affairs is restricted by the American position in the increasingly politicised economy. It becomes apparent that the institutional and structural framework within which the EU operates limits the Union’s ability to consolidate its position in global affairs through economic means.