In a speech at the Carnegie Endowment, European Commissioner for Trade Peter Mandelson argued that the European Union and the United States must use their collective economic weight to underwrite the openness of the global economy as its adjusts to the rise of new economic powers and greater global flows of investment. Mandelson said that the U.S. and the EU should use their own openness to "underwrite a strong multilateral order based on cooperation and economic openness."