Lagarde sees risks in ‘new global map of economic relations’

ECB president says fragmentation through “friend-shoring” and regionalisation is rising

Christine Lagarde
Christine Lagarde
Photo: IMF/Cliff Owen

A series of global shocks is redrawing the map of global economic relations, exposing vulnerabilities and creating a tendency towards regionalisation, Christine Lagarde said on April 22.

The president of the European Central Bank told an audience at the Peterson Institute for International Economics in Washington, DC, that after the pandemic and the Russian invasion of Ukraine, world trade would never be the same.

The two crises have exposed weaknesses in trade links, Lagarde said. She

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