The Economist weighs in on the Med Union

EDITORIAL: “Club Med: The Mediterranean, north and south, is forming a single economic unit: Europe should make it a powerful one,” The Economist, 12 July 2008, p. 15.

BRIEFING: “The Med’s moment comes: Globalisation is bringing a wave of money to the Mediterranean,” The Economist, 12 July 2008, p. 78.

From the editorial:

Beyond the platitudes and projects lies the germ of a brilliant idea. Something is stirring around the Med as globalisation takes root. Growth and investment have leapt. There is a new openness to trade and foreign money. The members of Club Med no longer need to glower across the table at each other. Instead, there is the prospect of the youth and vigour of the southern Mediterranean combining with a rich, ageing north.

The key? The EU must use its patronage to boost spending on infrastructure, promote trade and clean up politics and institutions.

The main story shows the FDI flow, collectively second only to China among emerging markets.

Funniest line: “commerce is scarcely a novelty in the Mediterranean.”