ECB Executive Board member Benoît Cœuré warned of “consequence of protectionism” in a speech at a workshop today.
A few from the speech to note:
- “Greater global economic integration has boosted living standards worldwide and lifted millions out of poverty.”
- “Winding back globalisation is the wrong solution.” And, “a retreat from openness will only fuel more inequality as import prices rise, goods become dearer and real incomes fall.”
- “The distributional and social effects of greater economic integration should rather be addressed by targeted policies that achieve fairer outcomes.”
- “By allowing Member States to recover some of the state functions that have been eroded by globalisation, the European Union is a vehicle that brings the benefits of economic openness to the greatest number of its citizens while protecting them against untrammelled global forces. It represents the most progressive model we have for taking back control of globalisation by addressing people’s concerns over open markets and fair competition – doubts that individual countries on their own cannot dispel.”
