ECB's Cipollone: Tariff effects on economy to be material

(Source: baha news)
EPA-EFE/LESZEK SZYMANSKI

European Central Bank (ECB) Executive Board member Piero Cipollone said on Tuesday that the effects of the tariffs imposed by the administration of United States President Donald Trump on the real economy are "likely to be material."

In a speech at a conference on Policy challenges in a fragmenting world: Global trade, exchange rates, and capital flow, Cipollone stressed that there is a "rising risk" of fragmentation within the Western bloc due to the tariffs that "threaten long-standing international partnerships."

The ECB banker warned that the medium- and long-term consequences of fragmentation for "growth, stability and prosperity" could be "potentially profound."

Baha Breaking News (BBN) / NP