EU-US free trade imperative

The confirmation of Michael Froman as the US Trade Representative is a fitting moment to highlight the many opportunities that a free-trade agreement between the European Union and the United States would offer Europe, America and the world.

Today's three-tier global economy - 6 percent growth in emerging markets, 2 percent growth in the US and no growth in Europe - shows ominous signs of paralysis and nationalistic unilateralism. Many see currency wars looming.

In such an economically insecure global environment, riddled with protectionist booby traps, a free-trade pact between two of the world's largest trading blocs, accounting for roughly 40 percent of global GDP, has never been more important. Historically, free trade and economic growth have gone together, as have protectionism and stagnation, and deeper trade integration of the US and the EU economies would strengthen growth on both sides of the Atlantic.