February 21, 2014 — The talk introduced the economic and political significance of the Transatlantic Trade and Investment Partnership negotiations, which began between the United States and the European Unionin July. In the light of the high-level political stocktaking earlier in the week, it identified the procedural and political challenges the negotiations face. It concluded that a agreement is unlikely to be reached by the end of 2014, as planned, and that the outcome is likely to be less rather than more ambitious. While any agreement is unlikely to make many (if any) worse off, many are likely to be dissatisfied with what is achieved. Securing ratification of an agreement, therefore, will require managing that disappointment.