ECB Official Highlights Risks of Protectionism

Fabio Panetta, a prominent member of the European Central Bank (ECB) Governing Council, delivered a compelling message on Monday, cautioning against the dangers of protectionist policies. He specifically criticized the United States' current trade approach, emphasizing its potential to harm global prosperity.

The Benefits of Open Trade

During his speech at the Asian Development Bank meeting in Milan, Panetta underscored the pivotal role that open trade has played in reducing global inequality and alleviating poverty for millions worldwide.

A Call to Action

"Protectionism threatens to undo these achievements and to weaken the very fabric of global prosperity," Panetta warned. He further elaborated, "Openness to trade has benefited both advanced and developing nations, fostering economic growth and stability across the globe."