A European Union summit held in late October failed to make much headway toward better coordination of economic policies, the Wall Street Journal reports. Facing resistance from Germany in particular, European officials are growing pessimistic regarding their odds of negotiating a deal over the next year to lay the foundation for a banking union for the 17 nations that use the euro. The proposed banking union would pool assets to allow the nations to engage in shared spending and borrowing, among other activities.
The plan for greater financial coordination was conceived at the height of the European financial crisis in 2012. As consensus grew that a shared currency with 17 different economic policies was unsustainable, the European Union began looking for ways to prevent future disasters.
When you’re getting ready to meet with more than one party, the usual steps of two-party negotiation apply.
In the early days of his tenure, a chairman spends too much time reviewing the details of his proposed policy with his staff and not enough time sounding out council members to drum up support for his reforms.
The chairman’s missteps lead us to the first rule of coalition building: think carefully about how and when to meet one-on-one with other parties.
With thorough preparation, the help of a trained mediator, and useful reports from subgroups, participants in a multiparty negotiation should be able to find their way to the trading zone. Once they’ve arrived, the next step is to work together to ensure that everyone’s interests are met.
When multiple parties gather to discuss issues, someone has to oversee the group’s efforts, or the process will descend into chaos or stalemate.
A negotiation manager should prepare the group’s agenda, establish ground rules, assign research tasks, summarize conclusions, and represent the process to the outside world.
Recent Harvard Law School Graduate Grant Strother ’12 was selected to receive The International Institute for Conflict Prevention & Resolution (CPR) Outstanding Original Student Article Award for his paper, “Resolving Cultural Property Disputes in the Shadow of the Law.” This award recognizes a student article or paper that is focused on events or issues in the field of ADR.
Perfect your negotiation skills in this free special report, BATNA Basics: Boost Your Power at the Bargaining Table from Harvard Law School.
In June 1993, a little over a year after the fall of communist rule in Russia, President Boris Yeltsin submitted an application for Russia to join the General Agreement on Tariffs and Trade (GATT), the precursor to the World Trade Organization (WTO). Eighteen years later, in November 2011, Russia finally was voted into the WTO, which administers international trade rules among its members. This past August, the nation officially became a member of the organization.
Great Negotiator Award winner and former United States trade representative (1997-2001) to Japan and China, Ambassador Charlene Barshefsky visited Harvard Law School to speak with students in HLS Clinical Professor Robert Bordone’s Advanced Negotiations Workshop course on October 3.
Many of us operate under the assumption that any given pie is fixed. More for me means less for you, right? Not necessarily. While you still want to claim your fair share, in many negotiation situations, there exist value-creating opportunities that can be exploited to provide “more pie” to both parties.
This counterintuitive approach is just