Protectionism and tariffs must be urgently limited to prevent a new global recession. This was warned by the president of the Italian Banking Association Antonio Patelli during the organization's annual meeting, the Italian agency ANSA reports, BTA reports.
In his annual report, Patelli stressed that such policies threaten the stability of markets and the financial sector:
„If trade wars start, markets will suffer, uncertainty for businesses will increase, credit will deteriorate further and banks will suffer serious damage. We will face a real risk of another recession.“
He described tariffs and protectionist measures as “old as the world“ and sharply criticized their revival, as they restrict free trade, slow economic and social growth and undermine global prosperity.
“We must neutralize the risks of protectionism and new tariffs“, stressed Patelli, urging action to support open markets and sustainable economic development.