Gate News bot News, European Central Bank President Lagarde stated in a speech that mandatory trade policies are not a sustainable solution to today’s trade tensions. Protectionism does not address the root causes of imbalances but rather erodes the foundation of global prosperity. As countries today are deeply integrated through global supply chains - yet geopolitically no longer allied as they were in the past - this risk is greater than ever. Mandatory trade policies are more likely to provoke retaliation and lead to harmful outcomes for both parties.
The recent analysis by the European Central Bank emphasizes the common risks we face. Our staff found that if global trade splits into competing groups, world trade will shrink significantly, and the situation for each major economy will worsen.
Source: Jinshi
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