G20 should resist protectionism, keep markets open: Bundesbank

Record ID: 451600

  • Title: G20 should resist protectionism, keep markets open: Bundesbank
  • Date: 15th March 2017
  • Summary: FRANKFURT, GERMANY (MARCH 15, 2017) (REUTERS) VARIOUS OF REGISTRATION AREA VARIOUS OF BUNDESBANK PRESIDENT JENS WEIDMANN, WHO SITS ON THE EUROPEAN CENTRAL BANK'S GOVERNING COUNCIL, SPEAKING TO REPORTERS WIDE OF CONFERENCE SIGN READING (English): “2017 IIF G20 CONFERENCE” WEIDMANN APPROACHING PODIUM CAMERAMAN (SOUNDBITE) (English) BUNDESBANK PRESIDENT, JENS WEIDMANN, SAYING: "Open markets and a competitive economic system are the pillars on which the prosperity of our economies rest. A greater variety of inexpensive and good quality products are available on open markets and this increases the purchasing powers of citizens. I mean, you have just mentioned that more eloquently than I can, and this way, free trade and competition result in a quantifiable increase in prosperity, particularly for those who have to consider their spending carefully. Moreover, spurred by international competition, industries are more innovative and new ideas are spread more rapidly." PAN ACROSS REPORTERS (SOUNDBITE) (English) BUNDESBANK PRESIDENT, JENS WEIDMANN, SAYING: "It can't be denied that globalisation puts particular pressures on certain groups. Although open markets boost prosperity overall, they don't necessarily boost it for all people all of the time. But it's also safe to say that barriers and exclusions would be the wrong responses to these concerns." REPORTERS (SOUNDBITE) (English) BUNDESBANK PRESIDENT, JENS WEIDMANN, SAYING: "Carrying out deregulation in the hope of stimulating the economy could backfire. Insufficiently regulated markets can do significant harm to economic prosperity if a crisis occurs as the latest financial crisis painfully demonstrated." APPLAUSE WIDE OF PODIUM AND APPLAUSE
  • Embargoed: 29th March 2017 15:14
  • Keywords: Bundesbank G20 protectionism trade Trump Weidmann
  • Location: FRANKFURT, GERMANY
  • City: FRANKFURT, GERMANY
  • Country: Germany
  • Reuters ID: LVA001682JSEL
  • Aspect Ratio: 16:9
  • Story Text: The world's biggest economies should recommit to maintaining open markets and cross-border trade as a fresh wave of protectionism and deregulation could easily sow the seeds of a new crisis, Bundesbank President Jens Weidmann said on Wednesday (March 15).
    Seeking to put 'America first', U.S. President Donald Trump's administration has advocated increased trade barriers and measures aiming to protect U.S. business interest, challenging a G20 consensus to maintaining open markets and cross border trade.
    "Open markets and a competitive economic system are the pillars on which the prosperity of our economies rests," Weidmann, who sits on the European Central Bank's Governing Council said.
  • Copyright Holder: REUTERS
  • Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
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