The New Hanseatic League, or the Hansa, also called the Hanseatic League 2.0, was established in February 2018 by

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...

finance ministers from

Denmark ) , song = ( en, "King Christian stood by the lofty mast") , song_type = National and royal anthem , image_map = EU-Denmark.svg , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of Denmark , establish ...

Estonia Estonia, formally the Republic of Estonia, is a country by the Baltic Sea in Northern Europe. It is bordered to the north by the Gulf of Finland across from Finland, to the west by the sea across from Sweden, to the south by Latvia, an ...

Finland Finland ( fi, Suomi ; sv, Finland ), officially the Republic of Finland (; ), is a Nordic country in Northern Europe. It shares land borders with Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bot ...

Ireland Ireland ( ; ga, Éire ; Ulster-Scots: ) is an island in the North Atlantic Ocean, in north-western Europe. It is separated from Great Britain to its east by the North Channel, the Irish Sea, and St George's Channel. Ireland is the s ...

Latvia Latvia ( or ; lv, Latvija ; ltg, Latveja; liv, Leţmō), officially the Republic of Latvia ( lv, Latvijas Republika, links=no, ltg, Latvejas Republika, links=no, liv, Leţmō Vabāmō, links=no), is a country in the Baltic region of ...

Lithuania Lithuania (; lt, Lietuva ), officially the Republic of Lithuania ( lt, Lietuvos Respublika, links=no ), is a country in the Baltic region of Europe. It is one of three Baltic states and lies on the eastern shore of the Baltic Sea. Lithuania ...

, the

Netherlands ) , anthem = ( en, "William of Nassau") , image_map = , map_caption = , subdivision_type = Sovereign state , subdivision_name = Kingdom of the Netherlands , established_title = Before independence , established_date = Spanish Netherl ...

and

Sweden Sweden, formally the Kingdom of Sweden,The United Nations Group of Experts on Geographical Names states that the country's formal name is the Kingdom of SwedenUNGEGN World Geographical Names, Sweden./ref> is a Nordic countries, Nordic c ...

through the signing of a two-page foundational document that set out the "shared views and values in the discussion on the architecture of the

Economic and Monetary Union of the European Union The economic and monetary union (EMU) of the European Union is a group of policies aimed at converging the economies of member states of the European Union at three stages. There are three stages of the EMU, each of which consists of prog ...

(EMU)". The name is derived from the

Hanseatic League The Hanseatic League (; gml, Hanse, , ; german: label= Modern German, Deutsche Hanse) was a medieval commercial and defensive confederation of merchant guilds and market towns in Central and Northern Europe. Growing from a few North German to ...

, a Northern European commercial and defensive league which lasted until the 16th century. The grouping sees clubbing together as a way to make up for the loss of the like-minded

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...

in the European political arena after

Brexit Brexit (; a portmanteau of "British exit") was the Withdrawal from the European Union, withdrawal of the United Kingdom (UK) from the European Union (EU) at 23:00 Greenwich Mean Time, GMT on 31 January 2020 (00:00 1 February 2020 Central Eur ...

. The countries involved want a more developed European single market, particularly in the

services sector The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model (also known as the economic cycle). The others are the primary sector (raw materials) and the second ...

(i.e. a so-called 'Capital Markets Union'). They also want to develop the

European Stability Mechanism The European Stability Mechanism (ESM) is an intergovernmental organization located in Luxembourg City, which operates under public international law for all eurozone member states having ratified a special ESM intergovernmental treaty. It ...

into a full European Monetary Fund that would redistribute wealth from trade surplus to trade deficit

EU member states The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been de ...

. A number of think tanks – includin
Free Trade Europa
- support this policy approach. In a speech delivered in the Netherlands, Ireland's

Tánaiste The Tánaiste ( , ) is the deputy head of the government of Ireland and thus holder of its second-most senior office. The Tánaiste is appointed by the President of Ireland on the advice of the Taoiseach. The current office holder is former Tao ...

(deputy head of government)

Simon Coveney Simon Coveney (born 16 June 1972) is an Irish Fine Gael politician who has served as Minister for Enterprise, Trade and Employment since December 2022 and Deputy Leader of Fine Gael since 2017. He previously served as Minister for Foreign Af ...

suggested cooperation among the countries in the alliance could extend to foreign policy as well, such as the Middle East peace process and the EU's relations with Africa. Some have expressed fears the New Hanseatic League could exacerbate existing north–south political divides in Europe by grouping northern European countries too closely. A more recent fiscally conservative group of EU nations exists in an informal setting, dubbed the

Frugal Four The Frugal Four is the nickname of an informal cooperation among like-minded fiscally conservative European countries, including Austria, Denmark, the Netherlands and Sweden. It partly evolved as a successor of the New Hanseatic League that was ...

. It consists of some of the New Hanseatic League member states plus

Austria Austria, , bar, Östareich officially the Republic of Austria, is a country in the southern part of Central Europe, lying in the Eastern Alps. It is a federation of nine states, one of which is the capital, Vienna, the most populous ...

. In November 2018, the New Hanseatic group called for the

to be given a greater role in scrutinising state budgets. Under the plan, formal tests of a state government's debt sustainability and ability to repay would be carried out before aid could be provided. The call came after the European Commission's rejection of Italy's 2019 budget, and was signed by all eight members of the League, along with two additional signatures from the

Czech Republic The Czech Republic, or simply Czechia, is a landlocked country in Central Europe. Historically known as Bohemia, it is bordered by Austria to the south, Germany to the west, Poland to the northeast, and Slovakia to the southeast. The ...

and

Slovakia Slovakia (; sk, Slovensko ), officially the Slovak Republic ( sk, Slovenská republika, links=no ), is a landlocked country in Central Europe. It is bordered by Poland to the north, Ukraine to the east, Hungary to the south, Austria to the ...

References

{{Reflist Hanseatic League European Union Foreign relations of Denmark Foreign relations of Estonia Foreign relations of Finland Foreign relations of Ireland Foreign relations of Latvia Foreign relations of Lithuania Foreign relations of the Netherlands Foreign relations of Sweden International organizations based in Europe Bottom-up regional groups within the European Union

See also

References