The US should bring to bear its economic might to help mediate in Northern Ireland, a Europe expert has said.
Tensions over Northern Ireland hung over last weekend's G7 summit, with Britain and the EU at odds over post-Brexit trading arrangements.
Washington told Britain that it would not welcome any move that jeopardised the 1998 peace agreement in Northern Ireland.
Donatienne Ruy, a Europe expert at the Centre for Strategic and International Studies think tank in Washington, said the US could use the prospect of a post-Brexit trade deal with Britain as leverage to influence the UK government.
"A continued war of words (and trade) [between the UK and EU] is not in the interests of the US, and London’s increasing disregard for international agreements it signed calls into question its dedication to the rule of law," said Ms Ruy.
"As the UK government seeks a future trade agreement with the US, the latter can use this leverage to encourage flexibility."
The US could also invest in Northern Ireland’s technology sector as it tries to win friends and mediate between communities, she said.
This could come under the auspices of a tech partnership announced by US President Joe Biden and UK Prime Minister Boris Johnson after their meeting.
The leaders said in a joint statement that “unlocking Northern Ireland’s tremendous potential” was part of safeguarding the agreement.
“The UK and the US will continue working together towards that shared goal,” they said.
Former US president Bill Clinton was involved in brokering the 1998 agreement which largely ended three decades of violence in Northern Ireland.
Recent bouts of unrest... have spurred concerns that violence can return to daily life in Northern Ireland
Mr Biden, who often speaks of his own Irish heritage, is a strong supporter of the agreement.
Ms Ruy said it was time for the US to back up its rhetorical support with “tangible action” to maintain peace.
These could include three-way talks between the US, UK and EU, or invitations to Washington for small delegations from Northern Ireland.
Diplomatic efforts in Europe could "position Biden and his diplomatic apparatus as potential mediators", she said.
The tech partnership “should focus on the Northern Ireland technology sector to secure a transition to forward-looking industries and job creation”.
Ms Ruy said the US should look to mediate between Protestant and Catholic leaders and encourage dialogue between the communities.
“Political mediation should incentivise party leaders to place the interests of the people of Northern Ireland above all other considerations and accept basic guidelines for open, even if informal, dialogue”, she said.
“This could include bringing in small groups of political representatives to the US for frank, private conversations.”
Stalemate in trade row
The latest controversy centres on trading arrangements for Northern Ireland after Britain completed its departure from the EU's economic orbit in January.
Negotiators agreed that border checks on the island of Ireland should be avoided because of the risk of stoking sectarian violence.
In order to prevent this, a special protocol was agreed for Northern Ireland which effectively keeps it in the EU’s customs union.
This means that Brussels expects the UK to carry out checks on goods crossing the Irish Sea from Great Britain to Northern Ireland.
But with unionists in Northern Ireland unhappy over the protocol, Britain is resisting carrying out the checks – thereby infuriating the EU.
Anger over the post-Brexit rules was a contributing factor to a week of street violence in Northern Irish cities in April.
“Actions speak louder than words, and they will be necessary to reach a resolution for old issues and new challenges.”
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Young women have more “financial grit”, but fall behind on investing
In an October survey of young adults aged 16 to 25, Charles Schwab found young women are more driven to reach financial independence than young men (67 per cent versus. 58 per cent). They are more likely to take on extra work to make ends meet and see more value than men in creating a plan to achieve their financial goals. Yet, despite all these good ‘first’ measures, they are investing and saving less than young men – falling early into the financial gender gap.
While the women surveyed report spending 36 per cent less than men, they have far less savings than men ($1,267 versus $2,000) – a nearly 60 per cent difference.
In addition, twice as many young men as women say they would invest spare cash, and almost twice as many young men as women report having investment accounts (though most young adults do not invest at all).
“Despite their good intentions, young women start to fall behind their male counterparts in savings and investing early on in life,” said Carrie Schwab-Pomerantz, senior vice president, Charles Schwab. “They start off showing a strong financial planning mindset, but there is still room for further education when it comes to managing their day-to-day finances.”
Ms Schwab-Pomerantz says parents should be conveying the same messages to boys and girls about money, but should tailor those conversations based on the individual and gender.
"Our study shows that while boys are spending more than girls, they also are saving more. Have open and honest conversations with your daughters about the wage and savings gap," she said. "Teach kids about the importance of investing – especially girls, who as we see in this study, aren’t investing as much. Part of being financially prepared is learning to make the most of your money, and that means investing early and consistently."
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Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
