The Smart Way to Target Rogue Regimes
By Michael Jacobson
A piece I wrote for the Economist Group's "European Voice," a weekly English-language paper published in Brussels. The piece was in the EV's May 10th edition.
Economic sanctions have long been at the core of the international community's efforts to deal with rogue regimes and terrorist organisations. Iraq, Iran, Libya and Sudan have faced sanctions, as have terrorist groups such as al-Qaeda and Hamas. For such a frequently used tool, sanctions are not well regarded.
Critics charge that sanctions are ineffectual, hurt innocent civilians and undercut the business interests of countries imposing the measures.
The US Treasury Department's efforts since 2005 to use financial tools to pressure North Korea and Iran generated considerable skepticism, particularly in Europe. But the results to date suggest that "smart sanctions", meaning targeted financial measures work if used strategically and coupled with outreach to global financial institutions.
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