This geopolitical tensions and the fragmentation of global trade increased protectionism and it is definitely feared”deglobalization“Although the trend is towards more trade between countries in the same bloc,” the head of the European Central Bank (ECB) said today. Christine Lagarde.
“A lot of people talk about deglobalization, but I think What has changed is the nature of globalization.“We are moving towards trade between countries and possibly countries that share common values and interests,” he said.
When faced with protectionism, ” trade is kept as open as possible It is within the constraints imposed by the new geopolitical situation,” WTO director-general told Nigerian Ngozi Okonjo-Iweala.
“This should be put into practice, especially by giving access to developing countries. they don’t have to put up with the competition from the great powers“The former managing director of the International Monetary Fund (IMF) said.
Lagarde acknowledged this Great financial crisis of 2008 global economy “Whatever bad thing happened, it was shaken by an unprecedented series of shocks that were especially evident in Europe.”
Since then, the Old Continent has experienced a slowdown in trade growth, causing its share in the global economy to shrink. protective measures have been increased“Something that could get worse as countries restructure their supply chains according to their strategy,” he analyzed.
The ECB chief said trade restrictions have increased tenfold over the past decade, but stressed the importance of the WTO itself “to counter this trend and warn the world of the risks of this downturn”.