Modification of EU geo-economic strategy under glocalization

Abstract

The article examines the specifics of the modern development and modification of the geoeconomic strategy of the European Union with its seeking the role of one of the global leaders. The importance of glocalization as the essential trend contributing to the transformation of foreign economic relations and reshaping geo-economic leadership is analyzed. Features of geo-economic competition under glocalization are described. Contradictions in the modern forms of integration interactions are studied: internal and external challenges faced by the EU in the context of destabilization processes in the world economy, higher production and financial imbalances, and decrease in international trade. Given the impact of fragmentation and regionalization on foreign economic activities of both the European countries and their major geo-economic partners and competitors, the policy adjustments are analyzed.