AGI News
A German import to fight the economic impact of the coronavirus
Peter S. Rashish
Vice President; Director, Geoeconomics Program
Peter S. Rashish, who counts over 30 years of experience counseling corporations, think tanks, foundations, and international organizations on transatlantic trade and economic strategy, is Vice President and Director of the Geoeconomics Program at AICGS. He also writes The Wider Atlantic blog.
Mr. Rashish has served as Vice President for Europe and Eurasia at the U.S. Chamber of Commerce, where he spearheaded the Chamber’s advocacy ahead of the launch of the Transatlantic Trade and Investment Partnership. Previously, Mr. Rashish was a Senior Advisor for Europe at McLarty Associates, Executive Vice President of the European Institute, and a staff member and consultant at the International Energy Agency, the World Bank, UNCTAD, the Atlantic Council, the Bertelsmann Foundation, and the German Marshall Fund.
Mr. Rashish has testified before the House Financial Services Subcommittee on International Monetary Policy and Trade and the House Foreign Affairs Subcommittee on Europe and Eurasia and has advised three U.S. presidential campaigns. He has been a featured speaker at the Munich Security Conference, the Aspen Ideas Festival, and the Salzburg Global Seminar and is a member of the Board of Directors of the Jean Monnet Institute in Paris and a Senior Advisor to the European Policy Centre in Brussels. His commentaries have been published in The New York Times, the Financial Times, The Wall Street Journal, Foreign Policy, and The National Interest, and he has appeared on PBS, CNBC, CNN, and NPR.
He earned a BA from Harvard College and an MPhil in international relations from Oxford University. He speaks French, German, Italian, and Spanish.
As the novel coronavirus has become a global pandemic, Germany attracted attention earlier this month for President Trump’s alleged interest in bringing Tuebingen-based CureVac’s vaccine research to the United States. While such zero-sum actions would only worsen the ability of countries to formulate effective public health responses, there is another German achievement that Congress and the administration would be wise to emulate as they craft legislation to deal with the economic consequences of the crisis: Its Kurzarbeit system of federal government employment guarantees.
Kurzarbeit (roughly translated, “short-time work”) is a German government program first used during the 2008 financial crisis that pays roughly two-thirds of an employee’s salary to a company that would otherwise be forced to resort to layoffs in the face of an economic downturn. By providing for staff to remain on the job (even at reduced hours and salary) Kurzarbeit benefits both employers and employees. Workers maintain a steady stream of income, while companies avoid losing the skills these workers have acquired and which are likely to be needed once an economic upturn arrives.
This article originally appeared in The Hill on March 19, 2020.
