Europe’s strength in numbers could mitigate risks, says Panetta
Italian governor calls for progress on capital markets union to help guard against geopolitical threats
The disruption caused by US tariffs underlines the need for further progress towards integrating Europe’s capital markets, the governor of the Bank of Italy has said.
In a speech in Venice on February 21, Fabio Panetta said the tariffs had resulted in a reconfiguration, rather than a contraction, of global trade. He pointed out that global trade in 2025 had grown by 4%, “faster than global GDP and double the pace expected”, in spite of the levies.
This was partly because of “trade triangulation”
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