Former Italian premier and former ECB
president Mario Draghi said Wednesday that the international
multilateral order was at "breaking point" after the US
announced its tariffs, adding that reversing this process will
not be easy.
"Changes have been ongoing for several years and the situation
was deteriorating even before the recent tariff hikes," Draghi
said at the COTEC Europe summit in Coimbra, Portugal, which
Italian President Sergio Mattarella, Portuguese President
Marcelo Rebelo de Sousa and King Felipe VI of Spain are also
taking part in.
"Internal political fragmentations and weak growth made an
effective European response more difficult.
"But the most recent events represent a breaking point.
"The massive use of unilateral action to resolve trade disputes
and the ultimate disenfranchisement of the WTO have undermined
the multilateral order in a way that is difficult to reverse".
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