Protectionist barriers not the solution - Bank of Italy head

Like using kitchen knife for surgery says Governor Panetta

By: ansa.it

Nov 15 2024
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Protectionist barriers not the

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".
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