>> support c-span as a public service along with these her television providers giving you a front row seat to democracy. >> treasury secretary janet yellen spoke in frankfurt, germany on the important of the u.s.-european alliance saying it was critical to maintain social stability on both sides of the atlanta. her remarks are about half an hour. >> i am immensely grateful to

the frankfurt school for awarding me this honorary doctorate. and i would very much like to thank ian swagman, professor lagard and minister limner for overwhelmingly kind words. thank you to all of you in the audience today. students, faculty and many others. as pro-the professor described, i began my career as an academic and i greatly appreciate to speak to those who are committed to thinking deeply and whose idea has shaped policy. and that is the case here. the frankfurt school has for decades focused and on putting ideas into practice such as through your partnership with the -- -- united nations

institution. it's very much rooted here in germany, it's internationally oriented with students from five continents and nearly 100 countries. so i'm enormously honored to have received this degree. and i also believe that this is a fitting place to speak about a topic aligned with the schools' european and global orientation and cutting-edge work namely the trans atlantic alliance. since the start of the biden administration, the tranceatlantic alliance has delivered for the american people and economy for europe and for the global economy. and believe we can further our mission.

from the shifting economic global landscape, our issues were the strength of our alliance matters for americans and europeans' lives today and in the future. the trans-atlantic alliance underpinned the post world war ii order. the u.s. and europe share democratic values from individual liberty to the rule of law. and from our response to the cold war to our response to russia's recent invasion of ukraine, we have repeatedly stood up for these values safeguarding them so that our citizens can live in free societies and realize the benefits that brings. our alliance has been critical to peace and security. for decades, its strength has deterred those who might otherwise pursued aggressive action.

we at times take this for granted. but it's this stability and security that has enabled us in the u.s., germany and through much of europe to live largely without fear of widespread conflict close to home and to informs and plan for the future. the u.s. and e.u. are each other's largest trade and investment partners with two-way goods and service totaling $1.4 trillion and combined foreign direct investment totaling over $5 trillion. microsoft's recent investment in germany, spain and the uk are

one of countless examples and u.s. ex-ports to the e.u. support nearly two million american jobs. our alliances also had economic impacts far beyond our borders including setting up the financial institution that is have played a critical goal in supporting macro economic stability alleviating poverty and fueling sustainable growth, transforming lives. put simple will, the trans-atlantic alliance has delivered for americans, europeans and many others. and the united states has been committed to advancing it through multi-laterallism most notably through the g-7 nato and u.s. relations with the e.u. and through bi-lateral relationships

between the u.s. and european countries including of course, germany. the u.s. and europe have taken action at key moments when world events have demanded that we step up and jointly lead. and we've maintained a near constant drum beat of communication and collaboration that informs daily policy-making processes in the u.s. and europe. despite this long and important history, president biden inherited a trans atlantic alliance that had been threatened and weakened by attacks on the value of nato and a rejection of multilateralism. this turn inward undermine add foundation of stability -- under mined a foundation of stability. it meant missed opportunity first american firms and workers. and it failed to heed the urgent

need for joint leadership to address the global challenges to threaten our collective economic future such as the covid pandemic and the possibility of future global health emergencies and climate change. so president biden reverse course. he direct us to rebuild relationships with key partners and now in europe and other parts of the world in the fate of those who try to fracture our world an unprecedented global challenges, we're building on the trans-atlantic alliances' history and taking decisive action. so let me talk about what we've accomplish and what i believe we should aim for across three key issues. bolstering security, driving sustainable growth and

navigating a shifting global economic landscape. i'll stewart our joint work to bolster security, which is a prerequisite for growth. we've collaborated to bolster security through nato for decades. but our economic collaboration is crucial too, and our ongoing response to russia's invasion of ukraine is a powerful example this. collaboration started long before the invasion on february 24th, 2022. but it tremendously increased in the months leading up to it. when the united states began understanding that russia was considering an invasion, we immediately recognized the possible grave consequences for ukraine, for europe and for the rest of the world. we knew that russia's role is a

major source of europe's oil and natural gas meant an invasion wouldn't just pose a threat to ukraine eastertorial -- territorial integrity and from there lead to economic spill-overs. so the u.s. did what committed partners do in such a situation. we began sharing information. in the months leading up to the potential invasion and minister limner mentioned this, ministry of finance, banks and policy-makers across the u.s. and european governments pursued unprecedented coordination in evaluating the financial system and economic channels for contagion forming a shared view

of ribses and readying ourselves to take whatever action would be necessary. within the first week, post-invasion, the united states had sanctioned over 80% of russia's banking sector by assets. and the united states and partners had a mobilized assets held abroad. since then, our global coalition has had additional successes because we've placed a premium on collective action across all aspects of our response. take the price cap on russian oil. the u.s. understood the need to disrupt russia's oil revenue. but we saw the market and the certain restrictions could have. so we worked with our counterparts through calls an trips across the atlantic to

design and launch a novel tool that leveraged a market share in surfaces key to the oil trade and would constrict russia's revenues while keeping oil markets stable. because of our careful and joint work, the price cap worked russia's oil tax revenue was 33% lower than in 2023 and 2022. russia took action in response to evade the price cap, but we again turned the power of collective response working together aly to have enforcement. this too is making progress. energy market participants, analysts and even russia's top energy official have led to our increased enforcement activities to the increased discount on

russian oil. the same is true of our sanctions policy. since february 2022, the united states has sanctioned over 4,000 individuals and entities as part of our effort to hold russia accountable for its work in ukraine while pursuing an unprecedented level of coordination with the g-7. we've also stood together in providing military, economic and humanitarian support for ukraine. u.s. and european support packages have bolstered and complimented one another. and this is critical to ukraine sustaining its resistance on the front lines and the home front let me be clear, it is also critical for the security of the american and european people.

if we stand by as dictators violate territorial integrity and fly out the international rules spaced order, they have no reason to stop at their initial targets. they will keep going. russia has meant that the brutal aggression can outlast our collective resolve. but we've sewn that when a dictator takes action that is threaten our people, misand the rules-based order, we will not back down. our countries helped shape and strengthen this order over decades and we will jointly defend it. over the past three years, we've of course acted jointly to bolster our security and other context as well. in the middle east, conflict is destroying lives and livelyhood across the region and causing

headwinds to regional economies. treasury has used the economic tools to issue 44 rounds of sanctions in connection with iran again over 400 individuals, intellities, tankers and aircraft for support to terrorism, proliferation of drones, missiles and human rights violations. we're heartened that our european allies have acted decisively as well including in the wake of iran's attack in april. we've also been jointly committed to providing critical humanitarian aid to palestinians in gaza. investment screening is another area where close collaboration between the u.s. and european countries has driven crucial developments. since 2021, 22, e.u. countries

taken legislative action related to investment screening. such that all but three are now implements investment screening reviews. this matters as our collective national security is greatly enhanced when our partners have and used their own rule investment screening mechanisms. as we look ahead, the need for collaboration and coordination will only increase. we need to continue cracking down on russian sanctions, evasion including through third parties. and go to goods that originate in the u.s. and europe. it's critical to make sure that ukraine has the support it needs to serve their military, fund critical services and rebuild in the medium to long-term.

that's why i believe it's vital and urgent that we collectively find a way forward to unlock the value of russian sovereign assets immobilized in our jurisdictions for the benefit of ukraine. and this will be a key topic of conversations during g467 meetings this week in the middle east we must sustain close coordination as we take additional actions to target the iranian regime and its approximateies and provide humanitarian aid with regard to investment security, the u.s. is moving forward with implementing a program addressing the risks related to u.s. outbound investment in sensitive technologies. but again, these risks are not unique to us. and we encourage our partners and allies including european countries to do the same.

i applaud those jurisdictions that have publically announced work on this. and the u.s. stands ready to support these and other efforts to safeguard our collective national security. these are just a few examples of what's ahead. all of it will matter for our people and economies. without security, people live in fear. and a key foundation of the global economy is threatened. with it, we have a key foundation of more prosperous economic lives and global growth. alongside bolstering security, the u.s. and europe have been jointly committed to driving sustainable growth working to advance energy security, create economic opportunity and progress toward our climate goals. following russia's invasion, the

united states responded to the threat to european energy security by increasing l.n.g. exports to the european union with the volume of exports increasing from 2021 to 2023. this reduced our reliance on russian gas while maintaining stilt to the people. it's the largest supplier of lndg europe. and we showed putin that he has miscalculated. instead of fracture our innovative path forward. but in the medium to long-term, the u.s. and europe both know that bolstering energy security will depend on driving sustainable growth. we need clean energy economies that are less vulnerable to

shocks including from geo politics. and we need to build these economies in way that is expand economic opportunity. president biden has made this a top priority. at home, the inflation reduction act is fueling investments in manufacturing and clean energy and expanding economic opportunity across the united states. i had the chance to see this firsthand in my travels from solar in georgia to the battery belt emerging across the midwest and south were creating good jobs and american communities that happen historically having had the economic opportunity they deserve. but the i.r.a. is not turned toward american protectionism. we're not creating jobs just at home.

useu trade in green energy products exceeded $2 billion in 2022. and european countries can be leaders in this area. the thermal processing equipment in the seniva factory i visited in march is supplied by germany central serm and it's just one example of potential stunts for central europe. the u.s. is investing in europe as well such as through bill gates breakthrough energy. as we produce more in the u.s., we will drive down the cost of clean energy technologies globally benefiting people inle economics around the world. germany, of course, has been creating opportunity as well. it lit the way in showing the government policy could drive demand for renewable energy from putting in place feed-in tariffs for solar two decades ago, to

driving community-based wind projects, to committing to phaseout cold. gemini generate 50% of its electricity from renewables in 2023. and it's a leader in green technology and the frankfurt school's focus on climate is one example of what's happening across europe where higher education institutions have launched around 1,000 new degree programs in renewable energy and energy efficiency today's students will drive tomorrow's innovation. alongside increasing energy security and creating opportunity, our collective efforts are getting us closer to our climate goals. we're in a new era and our response to climate change for decades, the economics and politics of climate action were

characterized by a belief that climate change was a textbook case of a tragedy of the commons. countries were incentivized to explore global natural resources, while people everywhere suffered the cost. but in recent years, there's been a fundamental paradigm shift. the transition to green energy is now increasingly recognized as the greatest economic opportunity of thest century with an estimate over $3 from investment opportunities each year between now and 2050. choosing our climate goals is compatible with increasing security, security and driving growth. as we look ahead, this scope for much more joint and complimentary action that will further these three objectives.

the irks ra is -- i.r.a. is working and action around the world including green deal. we should working together to improve critical mineral supply chains including through the minute cal security partnership, an ongoing effort on the u.s. e.u. critical agreement. we should continue clap ration to further decarbonization globally through creating investments from our development finance agencies and initial initiatives to share policies and harmonize climate disclosure. like security, driving sustainable growth matters for americans and european making us more resilient and more prosperous, and it will save us from a dire fate. as climate related events continue to increase in severity

and frequency, crediting our lives and livelyhoods and our children's futures. we have no choice but to lead. finally, the world has changed tremendously in my lifetime and will continue to evolve. the u.s. are two pill lars of the free world. we have together led and adapted through many changes, and we must continue to collaborate as we navigate a shifting global economic landscape. >> this increase their approach to the people's republic of china. the u.s. and recognized that china's tremendous rise from representative 3% of the global economy to 20% means that it will help shape the global economic.

guarded by president biden, i've worked topaz the u.s.-china relationship on sure footing, for the benefit of people around the world. it seems repeatedly emphasized we do not seek to decouple. we seek to diversify. and they said the same emphasizing the need to dericks -- derisk. our critical supply chains in minerals are overconcentrated in china. >> we saw the reliance during the covid pandemic. >> so the united states has pursued an approach, i've called friend suring to deepen the economic ties with a wide range of partners and allies. to -- and to advance our energy and economic security.

we've also engaged directly with china on areas where the u.s. and europe along with many others are concerned by china's actions from its pursuit from economic coercion to macro economic imbalances that are leading to industrial overcapacity. following my rip -- trip to china, i raised these issues to president macron and president vanderlion have done the same and not only it poses a threat to firms in the u.s. and europe, it could prove in countries around the world including emerging markets from building the industry that is could power their growth. last year week, the united states announced strategic and targeted steps as a result of

the angst 301 review. and the e.u. and other countries are using their authorities to consider remedies to china's action as well. >> our work to involve the financial ark tech sure is another key effort of our efforts to navigate goal shifts. the u.s. and we now have a responsibility to make sure they are fit for purpose in today's world. this is why i've called to evolve the multi-lateral development banks including to address climate challenges and push for reform in the sovereign debt architecture. any partners have been

overpairing which has done that. we've within in talks with the g-7 to mobilize hundreds of billions of dollars for quality and for structure. and we aligned 130 countries to endorse a global minimum tax that will end the race to the bomb and support workers around the world. we've been coordinating the face of technological change including rise of of artificial intelligence. many economics believe that a.i. will be -- a significant project too because he boosts to the global economy. taking advantage of this massive opportunity while mid myth gaiting the risks, will require coordinated action through -- and the utah-e.u. trade in

technology. even if the exact approach is we pursue different. >> that's why international engagement was a core pillar of a.i. we will work with our partners to fir your on going to work on the financial sector. there are efforts to build three billion semiconductors. it's strength, leadership and artificial intel tense. >> together, we must also make sure that that the benefits of a.i. the crew not just to advance countries but to all countries as we look ahead, we will need to stay coordinated as we pursue work in each of these four areas. and driving sustainable growth.

navigating these shifts, matters for every day. and europeans. trying this industrial policy may seem remote as we sit here in but if we do not respond strategically and in a united way, the availability of businesses in both the country and around the world could be at risk. support to lower and middle income countries and to work around the world, it's essential to this global economy. >> invest it's not yet affect all aspects of our lives. but strategic and coordinate action now will pauline that when it does, it is to our people's benefit. i'll end by emphasizing what president biden said shortly after assuming the presidency. the partnership between europe

and the united states in my view, he said is an must remain the corner stone, something we hope to establish in the 2024 century, just like we did. >> i'm committed to working so that our lions continue to deliver, bring security and prosperity, in this face. there's an uncertain world. >> thank you again to the frankfurt school for this enormous honor and to all of you for being here today. thank you very much. [applause] >> earlier today, secretary of state antony blinken testified about his recent trip to ukraine, the ongoing war between israel and hamas. and the budget respect of 2023. watch this entire hearing

tonight on c-span. it's available on c-span now our free mobile video app or online at c pan.org. >> c-span's journal -- washington journal. follow us as we discuss the lathe issues. from washington and across the country. coming up wednesday morning. democratic strategists talks about president biden's re-election either and campaign 2024. then, ben and ten falableu discusss the next steps for iran. and sever other top officials. c-span's "wall street journal" join in the conversation live. on c-span c-span now. or online at c-span.org.

>> on wednesday, the house homeland security committee holds a hearing how artificial teams. watch live on c-span 3. c-span now, our free mobile video app or on loin at c-span.org. >> c-span's 2024 coverage continues live with the three-day libertarian national convention as they chews their president east nominees. highlights include, independence presidential candidate robert-union they will foo -- and then on saturday at:0 p.m. eastern, former presidents had republican nominee speak about trunk. and the matter announces its

presidential no, ma'am mean. live friday at 3:30 p.m. on c-span. c-span now on the video appear. >> and online. us, because we are joined by alexander ward. he is a national security reporter for politico, to discuss the death of iran's president. look into the program. guest: thanks for having me. host: what can you tell us about what the situation in iran is, as far as where their foreign policy might be going? obviously they are dealing with a lot right now with the accidental death of their president. what do we know about how their foreign policy might change as far as their support for hamas and the houthis, etc.? guest: we are not expecting much change.

you should expect generally the same foreign policy of iran in the weeks and months and years ahead. the supreme leader is still in charge, and he is the main person, even though there is not an iranian president. that person is typically number two were subservient to the will of the supreme leader. there's going to be a lot more continuity in the days ahead. host: you've got an article with the headline "the one thing u.s. fears after iranian president's death," about the fear of blaming the united states. can you tell us about that? guest: that is something the united states has been worried about. and also blaming israel for the helicopter crash. that has not happened. so, perhaps the one thing everybody fears the most has not happened and will not come to pass. that would mean if the iranians were to blame u.s. or israel, that would be them saying, you killed our president. it is hard to believe they can