Protectionism's Threat to Global Prosperity

In a compelling address at the Asian Development Bank meeting in Milan, Fabio Panetta, a distinguished member of the European Central Bank (ECB) Governing Council, highlighted the dangers of protectionist policies, with a particular focus on the United States' current trade strategy.

The Role of Open Trade in Reducing Inequality

Panetta underscored the pivotal role that open trade has played in diminishing global inequality and elevating millions out of poverty. "Openness to trade has benefited both advanced and developing nations," he remarked, pointing to the tangible benefits of global trade openness.

A Warning Against Protectionism

Expressing concern, Panetta warned, "Protectionism threatens to undo these achievements and to weaken the very fabric of global prosperity." His statement serves as a stark reminder of the potential repercussions of turning away from open trade policies.