Malte Lohan
CEO, AmCham EU
Politically and economically, 2026 is already shaping up to be a tumultuous year for Europe and the US. On 1 July, Ireland will step into these choppy waters as it assumes the Presidency of the Council of the European Union for the eighth time and steers the EU through a precarious moment.
History shows that when Ireland holds the Presidency, Europe emerges stronger and more united. On Ireland’s watch, ten new Member States joined the EU in 2004, the largest single enlargement in the history of the EU. Likewise, during the country’s 1996 Presidency, Member States reached key agreements on the upcoming euro currency. And during Ireland’s second Presidency back in 1979, European citizens directly elected representatives to the European Parliament for the first time.
For this Presidency, the expectations – as well as the stakes – couldn’t be higher for the EU and its relationship with its most important trade partner, the US. The transatlantic partnership is a central pillar of the rules-based international order that has served our businesses so well – and it is being tested like never before. Yet these tensions cannot be allowed to obscure the profound shared benefits of the $9.5 trillion transatlantic economy and the role it plays in supporting European prosperity and security.
Ireland is a case study for what happens when a country invests in a strong transatlantic partnership. Billions of dollars in investments cross the Atlantic every year; in 2023, US foreign direct investment (FDI) in Ireland was $491.2 billion, and Irish FDI in the US was $322.6 billion. Likewise, the Ireland-US relationship supports hundreds of thousands of jobs across both countries. At a challenging time for EU-US relations, Ireland's Presidency will have the opportunity to move forward a pragmatic transatlantic agenda and do its part to facilitate stability and predictability for the EU, the US and the companies and citizens who rely on the transatlantic economy.
For Europe to be a strong and equal partner in the transatlantic relationship – however it unfolds in the coming months – it must double down on its commitment to improve its long-term attractiveness for investment. During Ireland's Presidency, this means correcting past policy mistakes and simplifying the EU's burdensome regulatory environment, as well as looking to the future and ensuring the EU's economy remains open to those who help drive its growth.
With the country's own balanced trade and investment policies, Ireland is well equipped to ensure that upcoming EU legislation emulates this approach, including leveraging the Single Market.
Ireland's economy shows that competitiveness goes hand in hand with a strong transatlantic relationship, a common-sense regulatory environment and openness to investment and cooperation with key partners. In 2026, Ireland can lead by example and help the EU follow suit, preparing Europe to thrive in a more turbulent world.