ECB Draghi: Trend Toward More Open Global Markets Under Threat

By Jack Duffy

     PARIS (MNI) - European Central Bank President Mario Draghi warned on Friday

that open trade in global markets may be under threat and called for greater

multilateral cooperation to resist protectionism.

     In a much-anticipated speech to the Federal Reserve Bank of Kansas City's

economic policy symposium in Jackson Hole, Wyoming, Draghi made no comments on

current Eurozone monetary policy and focused on global economic themes. 

     "One of the key questions facing the global economy is whether the trend

towards ever greater economic openness, which has defined the last three

decades, is coming to an end," Draghi said. 

     "Temporary trade barriers have indeed risen from covering around 1% of

products in 2000 to more than 2.5% today, with the crisis accelerating this

pattern," he said.

     More

--MNI Paris Bureau; tel: +33 1-42-71-55-41; email: jack.duffy@marketnews.com

--MNI London Bureau; tel: +44 203-586-2225; email: les.commons@marketnews.com

[TOPICS: M$X$$$,MT$$$$,M$$EC$]