Reforms in the United States, Europe and an alliance between the two could revive a West that is in military and economic decline, JPMorganChase Chairman and CEO Jamie Dimon said in a Monday (Sept. 28) opinion piece in The Wall Street Journal.
The U.S. should improve its domestic economic policy by reforming federal, state and local rules that impede growth and by striving to grow 3% a year, Dimon said.
The country should also pursue a foreign economic policy focused on maximizing growth and competitiveness, strengthening its allies and binding together like-minded Western democracies, Dimon said.
Europe should enhance its ability to scale and compete by completing the capital markets union and banking union. A more integrated financial system would unlock investment, enhance stability and reduce fragmentation costs, Dimon said.
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The U.S. could encourage Europe’s economic and military reforms by negotiating an economic and free trade agreement with the continent. The agreement could also be extended to friendly democracies such as Canada, Mexico, Japan, South Korea, Australia and the Philippines, Dimon said.
“It would be an economic and geopolitical game changer for the U.S., Europe and our other allies,” Dimon said. “It would allow us to set the global rules on trade and would bind Western allies together in the face of autocratic pressure.”
Dimon told the Financial Times in April 2025 that uncertainty around U.S. tariffs was making people unsure they can “rely on America.”
Tariffs, changes in trade policy and attacks on independent regulators were leading some investors to question America’s position as the world’s leading market, Dimon said.
Of U.S. allies, Dimon said in the April 2025 interview: “I would want to negotiate eventually with Europe, with the U.K., with Japan, Korea, Australia, Philippines, and have a very strong economic relationship.”
It was reported in May that the European Central Bank’s top banking supervisor, Claudia Buch, said that while Europe has made strides toward banking union, progress on integration of European banking markets has been limited over the past decade.
“The cross-border provision of services remains relatively low, and cross-border merger activity has been weak,” Buch said. “This is why the banking union should be regarded as a single European jurisdiction for the purpose of financial regulation.”
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