former ecb president trichet: don’t forget the contribution of global value chains to economic prosperity over the past 30 years
2024-09-06
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"i am quite optimistic about what central banks have done so far. i think we have avoided the threat of something similar to what happened after the first and second oil crises, namely very difficult inflation." on september 5, jean-claude trichet, chairman of the international advisory committee of the bund financial summit, president of the french academy of ethics and political sciences, and former president of the european central bank, said at the 6th bund financial summit.
trichet believes that the current global economy, whether it is emerging economies, developing countries such as china, or the united states and european countries, is facing huge challenges. six major areas deserve attention, including the rise of protectionism, the increasing need to restore price stability and avoid inflation, the outbreak of artificial intelligence, the contradiction between major technological progress and the relative stagnation of productivity in the same period, climate change risks, and the rapid aging of the population. these issues have been affected by the escalation of geopolitical tensions and have become more complicated.
he further stated that the geopolitical situation will lead to geopolitical fragmentation and even the rise of protectionism, and will also lead to decoupling and chain breaking. this risk does exist. "in my opinion, we should not forget that the global value chain has made a huge contribution to the prosperity of the global economy in the past 30 or 40 years, which is one of the reasons why europe is particularly opposed to decoupling and chain breaking." trichet said that under no circumstances can we divide the global economy.
trichet also stressed that in such a difficult situation, there are still positive developments worthy of attention, including the control of inflation, the development of artificial intelligence, and the international consensus on climate change.
in terms of inflation, trichet believes that the central banks of major economies have done a good job. "when i say central banks, i mean the central banks of developed economies, the central banks of china and central banks around the world, in order to avoid causing inflation in their economies and at the global level."
(this article comes from china business network)
