The uncertainty in the global economy seems to persist even if the commercial war in the world takes only a short time. Said that on Tuesday Governor of Irish Central Bank and a member of the European Central Bank Governors (ECB) Gabriel Makhlouf. Informed about the portal of Irish television RTÉ.
“If it turns out that a full -fledged business war will be only a short -term matter, the consequences of economic uncertainty will persist for some time,” Makhlouf said in a speech at the International Economic Symposium in Dublin, organized by the Irish Central Bank and the National Association for the Business Economy. In particular, it pointed out increased risks due to higher debt in the public and private sector.
“Economic integration in the world, which was typical of most of the past 50 years, has been stopped at the moment if it has not taken a back course,” He added Makhlouf, adding that, especially in recent weeks, a significant acceleration of the pace and the range of changes has been recorded.
According to Makhlouf, the world faces the new economic order, which is characterized by the fragmentation of trade, structural changes in the economy, more frequent outages in the supply chain and the unpredictability of political steps. He said that even though no one desires geoeconomic fragmentation, he is convinced that it will serve to accelerate the changes that have so far been made at a slight pace. “To a large extent, this has led Europe to decisions that it has postponed for a very long time,” added the Governor of the Irish Central Bank.
