Panetta (Bankitalia): Protectionism rises, more international cooperation needed
"Once considered an unstoppable process, globalisation is now endangered by geopolitical conflicts"
2' min read
2' min read
"Today the international community is facing very complex challenges" that threaten international trade and globalisation. This was said by the Governor of Bankitalia, Fabio Panetta, in his address to the conference 'Partnering for Africa's prosperity' being held in Rome.
"The unprecedented shocks observed in recent years - from the pandemic to Russia's aggression against Ukraine, to the energy crisis - have had a significant impact on the global economy, accentuating the protectionist tendencies that emerged earlier".
Previously considered 'an unstoppable process, globalisation is now being jeopardised by geopolitical conflicts that threaten international trade and the stability of the world economy'. Faced with the "fragmentation of global trade", Panetta said, the "major economies have become reluctant to link up commercially with countries with which they do not have well-established political, economic and cultural affinities" and "this fuels fears that a world divided into economic, political and even military blocs may re-emerge, threatening those principles of international cooperation and multilateralism that, after World War II, have underpinned global economic progress and maintained peace among the great powers".
The Mattei Plan confirms Italian support for African development
."The Mattei Plan, recently launched by the Italian Government, reaffirms our country's commitment to achieving the objectives of fighting poverty, reducing inequality and promoting sustainable growth, while addressing the urgent challenges affecting the entire world: climate change, pandemics and migration," the Bankitalia Governor said. "The Plan," Panetta added, "is a tangible sign of Italy's intention to implement far-reaching projects in partnership with African countries.
The key role of the World Bank
"This year marks the 80th anniversary of the Bretton Woods Conference, an event of historic importance, which laid the foundations for international economic cooperation over the past decades. For eighty years, the World Bank has played a key role in promoting sustainable development, poverty reduction and infrastructure growth at the global level," Panetta stressed.
