Jamie Dimon Criticises Mark Carney’s Global Coalition Plan

Jamie Dimon, CEO of JPMorgan and Chase has criticised Canadian Prime Minister Mark Carney’s efforts to establish a middle powers coalition to counter larger global superpowers.

Speaking at the Council on Foreign Relations’s CEO Speaker Series, Jamie called Carney’s call to action for governments to work together “a fantasy”.

Mark first discussed the idea of a greater global coalition at The World Economic Forum earlier this year, saying that countries needed to strengthen their cooperations on trade, AI, supply chains and security.

However, Jamie argues that Europe has attempted a similar, unsuccessful approach.

“They did that. It's called Europe,” Jamie said, suggesting that Europe is currently experiencing a decline in business and competitiveness.

Aligning with Jamie’s statement, research from World Bank Group shows that in 2024, the European Union generated approximately US$19.5tn in GDP, compared to the US’s GDP of US$28.8tn.

The future of Europe’s GDP

Jamie clarified his criticisms, saying that cooperation between governments alone isn’t enough to attract businesses and new investment.

He also questioned Europe’s economic trajectory, highlighting how the continent’s GDP has gone from “90% of America to 70%”.

Jamie added that in his view, Europe’s GDP will “continue to erode over time”, citing the continent’s high taxes, regulation and weak capital formation.

He also contrasted the size of US capital markets with Europe’s, saying that the US’s larger stock market has incentivised investments and economic expansion.

Instead of establishing political coalitions, Jamie suggested Europe should focus on its own markets with policies designed to stimulate growth.

“Have a real European Union,” Jamie says. “Open trade services to everyone in there, have a big common market, have a growth strategy and policies that can drive growth.”

How cooperation could benefit business

Carney has previously spoken in support of greater cooperation between nations, arguing that countries would be given middle powers leverage against tariffs, supply chain disruptions and economic pressure from larger economies.

This coalition strategy was made in part due to how the US-led world order was fragmenting and subsequently putting smaller economies in a vulnerable position.

In a recent interview with Bloomberg, Carney emphasised that the US is in a good position when it comes to global investment, even as he made reference to the shifting dynamics and continuous growth of China’s economy and global influence.

“America is still a safe haven — we just surprised people recently,” Carney said during the interview.

He also noted that China has become more consistent when it comes to economic relationships with other nations – a change that has been also noticed by other political and business leaders across the world.

Comments from both Jamie and Carney come as leaders from the UK, Canada, and other nations visit Beijing to sign trade and cooperation agreements, suggesting that despite the US’s influence, more and more countries are looking toward China as a key partner for global commerce.