On October 28th, the Management Center Innsbruck (MCI) and IES co-organized a virtual event featuring Austria’s Minister of Labor and Economy, Martin Kocher, titled The US and Europe: How Can We Win Together. The event offered insights into Kocher's academic and professional journey, as well as his perspectives on the current and future economic ties between the United States (US) and Europe. Kocher was interviewed by Jeroen Dewulf, Director of the Institute of European Studies, and Andreas Altmann, Rector of MCI.
The discussion began with questions about Kocher’s academic journey and how it ultimately led him to his current ministerial role. He recounted studying economics at university and working in various financial research programs across European universities, experiences that bolstered his research reputation. This reputation paved the way for key appointments, including Scientific Director at the Institute for Advanced Studies (IHS) in Vienna as well as Head of the Competence Centre for Behavioral Economics “Insight Austria” at the IHS. Kocher later became President of the Austrian Fiscal Advisory Council. Reflecting on his career, he attributed his success to a mix of good fortune, timing, and a few pivotal, yet unexpected, choices. Kocher’s advice to young people in academia or those pursuing careers was simple yet insightful: find the topic that genuinely interests you and focus on that, not something else.
In discussing how the US and Europe can “win together”, Kocher emphasized the importance of their “common westernalities” that facilitate robust trade. He praised the US’ low export dependency and growth-friendly business environment, noting that European countries could benefit from adopting similar strategies. Kocher argued for keeping trade relationships separate from political policy and decisions, underscoring that such separation is essential to maintaining and enhancing transatlantic economic ties. He also compared demographic trends, observing that similar shifts in Europe and the US provide an advantage over Asian countries, like China, which face declining birth rates.
When asked about migration, Kocher mentioned the attractiveness of the US and Europe for skilled individuals from countries with struggling democracies He advocated for renewed efforts to attract talent from the Global South, continuing the “brain drain” trend, which he viewed as beneficial for both regions.
Kocher suggested specific improvements to strengthen US-Europe relations, including reducing energy dependence within the European Union (EU), increasing economic competitiveness to attract US investment, and lowering labor costs in the EU. He also commented on the transformative impact of the Ukraine-Russia war on Europe’s strategic perspective, pointing out that the prolonged conflict has reshaped views within the European Council on international relations.
Finally, regarding the recent Brazil, Russia, India, China, and South Africa (BRICS) Summit, Kocher expressed skepticism about its potential impact on US-Europe relations, suggesting that internal differences among BRICS nations may limit their ability to exert meaningful political pressure.