ECB Warns of a Europe of `Small Countries' If Populism Triumphs
- Re-taking national control in globalized world is “illusion”
- Germany’s Weidmann expects debate on free trade at G-20
Are ECB, Bundesbank Prepared for European Headwinds?
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European Central Bank officials pushed back against a key populist promise, saying European countries risk becoming irrelevant on the global stage if they put national sovereignty above joint institutions.
“It’s kind of dishonest to say ‘I can regain control.’ It’s an interconnected world and small countries know that,” ECB Executive Board member Peter Praet said in a speech in London, channeling one of the catchphrases of pro-Brexit campaigners. The point was echoed by Governing Council member Francois Villeroy de Galhau, who in an interview said no European country “taken separately” would have as much weight with the U.S. and China.