Jamie Dimon, CEO of America’s biggest bank JPMorgan and Chase has pushed back against Canadian Prime Minister Mark Carney, who recenlty called for middle powers to form stronger coalitions to counter global superpowers.

According to a report by Moneywide, speaking at the Council on Foreign Relations’ CEO Speaker Series, Dimon quipped, “When Mark Carney said the powers should get together, it’s a fantasy.”Carney first outlined his vision at Davos earlier this year, urging countries to deepen cooperation on trade, AI, critical minerals, supply chains, and security. Dimon, however, argued that Europe already demonstrates the limits of such an approach.

“They did that. It’s called Europe,” he said, pointing to the continent’s declining competitiveness.

Jamie Dimon feels cooperation is not enough

Jamie Dimon also stressed that cooperation alone is not enough if governments fail to create attractive environments for businesses and investors. He also highlighted Europe’s economic trajectory, noting its GDP has slipped from 90% of America’s to 70%, a trend he attributed to high taxes, heavy regulation, and weak capital formation.

He contrasted Europe’s smaller capital markets with the U.S., arguing that America’s larger stock market reflects policies that encourage investment and expansion. Dimon suggested Europe should focus on building a true common market with open trade in services and growth-oriented policies, rather than new geopolitical blocs.

Mark Carney’s case for unity

Mark Carney has argued that closer cooperation would give middle powers leverage against tariffs, supply chain disruptions, and economic coercion by larger nations.

His proposal reflects concerns that the U.S.-led world order is fragmenting, leaving smaller economies vulnerable.

Jamie Dimon to the world from China

Recently, Jamie Dimon assured the global invests that the United States still remains a safe heaven for investments, even as he acknowledged shifting dynamics in China’s global relations. Speaking in an interview with Bloomberg TV in the sidelines of the bank’s financial conference in Shanghai, Dimon said, “America is still a safe haven — we just surprised people recently.” Along with this, Dimon also noticed that China has become ‘more consistent’ in its dealings with other countries, a change that has caught the attention of business leaders across the world.

The comments made by Dimon come as leaders from the UK, Canada and other nations visit Beijing to sign trade and cooperation agreements, underscoring China’s rising influence in global commerce.