Bank of Italy Governor Fabio Panetta
on Friday warned against the "illusion" of "erecting
protectionist barriers as a solution to the problems" of our
economies, with United States President-elect Donald Trump's new
administration expected to impose new tariffs when it takes
office.
Speaking at a G7 conference on the 'fragmentation of the trading
system', Panetta said protectionism was like using a "kitchen
knife... for carrying out a complex surgical operation".
He added that "the division of the global economy into rival
blocs would only lead to more negatives than positives.
"The freedom to trade goods and services, to invest across
borders and to share knowledge and ideas are prerequisites for
ensuring prosperity and peace," he continued.
"The costs of fragmentation are not only economic, they also
affect social progress, international cooperation and freedom".
(see related).
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