Export policy and food price escalation

Nadia Rocha, Paolo Giordani, Michele Ruta 09 May 2012

a

A

International food prices have been a key policy concern in recent times (Evenett and Jenny 2012). Figure 1 shows why. During the periods 2006-7 and 2008-10, international food prices shot up by well over 50%. If we compare these prices with those of the last two decades, the label ‘food crises’ does not seem overblown.

Figure 1. International food prices 1990-2010

a

A

Topics:  International trade

Tags:  food prices, protectionism, export policy, food crises

How did US and EU trade policy withstand the Great Recession?

Chad P Bown, Meredith Crowley 28 April 2012

a

A

During the Great Recession, import protection increased around the world (Evenett, 2011). Popular policies included antidumping tariffs, safeguards, and other temporary trade barriers (Bown 2011a,b). Despite this, for high-income economies such as the US and EU, such trade barriers increased much less than initially feared. In this column, we ask how and why.

a

A

Topics:  International trade

Tags:  trade policy, Great Depression, protectionism

Protectionism isn’t countercyclical (anymore)

Andrew K Rose 27 April 2012

a

A

Almost everyone agrees that protectionism is countercyclical; tariffs, quotas, and the like grow during recessions. The abstract of Bagwell and Staiger (2003) begins “Empirical studies have repeatedly documented the countercyclical nature of trade barriers”; for support, they provide citations of eight papers which “all conclude that the average level of protection tends to rise in recessions and fall in booms.” Meanwhile, Costinot (2009) states: “One very robust finding of the empirical literature on trade protection is the positive impact of unemployment on the level of trade barriers.

a

A

Topics:  International trade

Tags:  business cycle, protectionism

Industrial policy works for smaller firms

John Van Reenen 17 February 2012

a

A

The Great Recession has brought industrial policy back into fashion. Huge subsidies have been granted by governments around the world to private firms, most dramatically in financial services, but also in other sectors like automobiles (see for instance Evenett 2011). Despite the ubiquity and cost of such schemes, rigorous evaluations of the causal effect of these policies are rare.

a

A

Topics:  EU policies Industrial organisation International trade

Tags:  subsidies, protectionism, small business

Trade Tensions Mount: The 10th GTA Report

Simon J Evenett,

Date Published

Mon, 11/21/2011

a

A

cepr_featured

1

Show in Editors Choice Box?

0

Display Order

0

Display Order

-10

eBook

0

Topics

International trade

Partners

CEPR

URL

http://www.globaltradealert.org/gta-analysis/trade-tensions-mount-10th-gta-report

Trade Tensions Mount: The 10th GTA Report

by Simon J Evenett

Published 21 November 2011

Download the report from the Global Trade Alert website here.

 
Tags
protectionism, Global Trade Alert, GTA

Mounting tensions pose a test for world trade

Simon J Evenett interviewed by Viv Davies,

Date Published

Fri, 11/25/2011

a

A

See Also

Read the transcript of this interview here.

Read the Report here: 10th Global Trade Alert report

Transcript

View Transcript

<p><a name="ts"></a><b>Viv Davies</b>: &nbsp;Hello and welcome to Vox Talks, a series of audio interviews with leading economists from around the world. I am Viv Davies from the Centre for Economic Policy Research. It's the 24th of November 2011 and I am speaking to Professor Simon Evenett of St. Gallen University about the recently published 10th Global Trade Alert report titled &quot;Trade Tensions Mount&quot;. The report's findings suggest that the protectionist threat to the world trading system is probably now as significant as it was in the first half of 2009, when such concerns were at their height.</p>
<div style="margin-bottom:11.0pt;">Evenett suggests that there has been a significant resort to the use of non‑tariff barriers and more murky forms of protectionism, and that countries continue to circumvent WTO rules. He concludes that policymakers have good reason to be seriously concerned in view of the likelihood of a deteriorating macroeconomic climate.</div>
<div style="margin-bottom:11.0pt;">I began the interview by asking Simon whether we've seen a significant rise in protectionism since the publication of the last GTA report in July 2011, just four months ago.</div>
<div style="margin-bottom:11.0pt;"><b>Simon Evenett</b>: &nbsp;I am afraid we have. The third quarter of 2011 saw no less than 72 protectionist measures implemented and has an early reading on that level of protectionism that's exceptionally high. Normally we revise up our estimates of the protection quarter by quarter, and 72 is a very high initial reading comparable to some of the worst quarters in 2009 when protectionist fears were at the highest.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;And what impact has the slow growth and recessionary environment in Europe generally had on the region's trade with the rest of the world, and what are the likely implications of that?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;Well the European downturn is leading to less exports from the rest of the world to Europe and that of course is making other countries more defensive in terms of their trade policies. We haven't seen any big uptick in European protectionism, certainly not from the European Commission. We are now seeing beginnings of financial protectionism in Europe. Recently, Austria instructed its banks to cut back on the amount of lending to Eastern Europe, and this of course will diminish borrowing opportunities in those countries and will tip those countries' economies down towards a recession as well.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;So wouldn't it be expected, given the current climate of austerity coupled with the sort of domestic pressures that many governments are facing in Europe and around the world, that the natural reaction of those governments is to turn inwards and to protect and support national industries and jobs?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;I think in times like this, governments are more inclined towards protectionism. This is unfortunate because often the short‑term measures which they take aren't particularly effective and end up costing their economies quite a lot of money, but that has been the tendency in the past, and I think it will repeat this time around as well.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;And could you give us a sense of the numbers involved in terms of the increase in trade protectionist measures that have been reported and analyzed through GTA in the last few months?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;Yes, well as I said earlier, the third quarter numbers are very high in terms of reported protectionism, but this follows findings of over 100 new measures since our last report in July, and revisions are upwards for the first quarter of 2011 and the last quarter of last year. So it all points to a picture of a deteriorating climate for protectionism from about the middle of the last year. Formally, I think we found 199 new measures in the GTA database, and as I said last year 100 of them were almost certainly protectionist, and then if you add in the ones which are likely to be protectionist, you get well over the 100 number.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;And what kind of measures are being implemented the most and which countries or regions are most responsible?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;There is a variety of measures being implemented. One thing which is important to note is that only a fraction of the recent protectionist measures are actually anti‑dumping measures or tariff increases, and that's where most researchers unfortunately focus their attentions. Instead, we've seen actually quite a number of non‑tariff barriers be raised, more murkier forms of protectionism resorted to, including different types of widespread industrial policy initiatives.</div>
<div style="margin-bottom:11.0pt;">So, Brazil for example, had a very wide-ranging industrial policy initiative that it announced last month. It also announced new restrictions on foreigners buying and selling different types of land and other assets in Brazil. So we've seen the non‑traditional trade measures or non‑traditional protectionism increase substantially.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;And are we seeing any signs of trade liberalising measures around the world?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;There has been some trade liberalisation and we mustn't discount that. Countries are still trying to compete for foreign direct investment and to encourage parts and components trade. So we do see some liberalisation taking place. Since July of 2011, we've found 55 measures, which were either neutral towards trade or liberalising, and so there is still a fair amount of measures which aren't necessarily protectionist being implemented, but unfortunately the number of protectionist measures are outnumbering the number of liberalising measures between two- to three-to-one.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;And what are the significant trends, if any, in protectionist policies has GTA become aware of?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;Well, I am afraid it is more the continuation of trends we've identified for some time, which is the resort to measures which are not very well disciplined by WTO rules or measures where there are no WTO rules whatsoever. And one of the trends that the GTA has founded in this last crisis, governments have circumvented their WTO obligations. They haven't broken them. They just found ways around WTO rules or they've concentrated their efforts in policies where there are no WTO rules, and I think that's a fundamental lesson for policymakers going forward.</div>
<div style="margin-bottom:11.0pt;">Previous bursts of protectionism, whether it's the 1930s or the 1980s, saw exactly the same phenomenon, and we've seen it this time around as well, which is that international trade rules only go so far in limiting protectionism.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;And how would you describe some of the kind of relations between the world's major trading partners right now, like China and the US for example?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;I think there has been a worrying deterioration in the trade relations between the major players. We've seen very nasty disputes between China and the United States develop in the area of solar power. We've also seen similar concerns raised by the United States and Europe with respect to India's programs in environmentally sensitive sectors. We've also seen America assert that China has nearly 200 subsidy programs employed during the crisis, and the Chinese admit to implementing just under 100 of them, if that was a series of counter submissions to the WTO.</div>
<div style="margin-bottom:11.0pt;">So what we've is actually an escalation in trade tensions between the larger trading powers. In short, the trade concerns are not being as contained as we might have hoped or as was the case at the turn of the last year.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;And so what do you say the policy implications of your findings are, Simon, and how optimistic are you that things can improve?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;The policy implications are several-fold. First, the call for vigilance and for greater tenacity in standing up to protectionism still stands. The risks I think of a downside for the economy are higher, and so I think the risk of a protectionist upswing is higher, and this is where the defenders of free trade really do need to be at their most vigilant. This is going to require support for business associations, the media and academics and the like in order to try and point out the alternatives to protectionist policies.</div>
<div style="margin-bottom:11.0pt;">The second set of implications has to do with how we manage disputes between the big trading partners, and I think they really want to think very hard before they start raising disputes which could spiral out of control and begin to perhaps start a process of unwinding the measures that they put in the crisis rather than trying to litigate directly at the WTO.</div>
<div style="margin-bottom:11.0pt;">And thirdly, we need to start appreciating the limited role that multilateral trade disciplines have played in curbing protectionism and start thinking about what new WTO rules we need in order to prevent this type of outbreak from happening again.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;And you are optimistic for the future, Simon?</div>
<div style="margin-bottom:11.0pt;"><b>Simon</b>: &nbsp;I am not particularly optimistic because I feel the macroeconomic situation in Europe will get a lot worse. Of course, macroeconomics is well beyond GTA's remit, but if the experts in that field are to be believed, then we are looking to a very grim 2012, and the world economy may find itself under considerable strain. For that reason, I am not so optimistic that protectionism will be able to be kept in line over the next 12 months, and all the more reason why policymakers and others need to stand up for an open trading system.</div>
<div style="margin-bottom:11.0pt;"><b>Viv</b>: &nbsp;Simon Evenett, thanks very much for taking the time to talk to us.</div>
<p><span style="font-size: small;"><b>Simon</b>: &nbsp;Thank you. </span></p>
<p>&nbsp;</p>

a

A

Topics

International trade
Tags
protectionism, Global Trade Alert

Related Article(s)

Resolve against protectionism weakens since the Seoul G20 Summit: The 9th Report of the Global Trade Alert Protectionism backfires on FDI Is protectionism dying? Murky protectionism: How big an issue? Crisis protectionism: The observed trade impact Protectionism on the eve of the Seoul G20 summit Tensions Contained... For Now: The 8th GTA Report Managed Exports and the Recovery of World Trade: The 7th GTA Report Africa resists the protectionist temptation: The fifth Global Trade Alert report The unrelenting pressure of protectionism: Global Trade Alert's third report Broken Promises: a G20 Summit Report by Global Trade Alert The collapse of global trade, murky protectionism, and the crisis: Recommendations for the G20
MP3 File Details

Listen

Unfortunately the file could not be found.

Open in a pop-up window Open in a pop-up window

Download

Download MP3 File (8.54 MB)

MP3 File Size

8.54 MB

MP3 RSS File Size

8956616

MP3 Length (Minutes)

9

MP3 Length (Seconds)

18

When

November 2011

Where

London

Trade tensions mount

Simon J Evenett 21 November 2011

a

A

The 10th Global Trade Alert report documents several factors that together imply that the protectionist threat to the world trading system is probably as significant as it was in the first half of 2009, when such concerns were last at their peak. In our last report, published in July 2011, concerns were raised that a deteriorating macroeconomic climate would lead to greater protectionism. This fear has come to pass.

a

A

Topics:  International trade

Tags:  protectionism, Global Trade Alert

Determinants of trade-policy responses to the 2008 financial crisis

Kishore Gawande, Bernard Hoekman, Yue Cui 10 November 2011

a

A

The “Great Trade Collapse” that occurred between the second quarter of 2008 and the third quarter of 2009 was the steepest fall of world trade in recorded world history. Despite the trade collapse, the 2008 crisis and its recessionary aftermath did not fuel widespread protectionism.

a

A

Topics:  International trade

Tags:  tariffs, protectionism, vertical specialisation

Struggling with success: challenges facing the international economy

Anne Krueger interviewed by Romesh Vaitilingam,

Date Published

Fri, 10/21/2011

a

A

See Also

Read the transcript here 

Also from Anne Krueger

Transcript

View Transcript

<p><span style="color: rgb(17, 17, 17); font-family: Verdana,Arial,Helvetica,sans-serif; font-size: 12px; line-height: 19px;" class="Apple-style-span">
<p><em><a name="anchor"></a>Romesh Vaitilingam interviews Anne Krueger for Vox</em></p>
<div>
<p><em>October 2011</em></p>
<p><em>Transcription of a VoxEU audio interview [http://www.voxeu.org/index.php?q=node/7124]</em></p>
</div>
</span></p>
<p><b>Romesh Vaitilingam</b>: &nbsp;Welcome to Vox Talks, a series of audio interviews with leading economists from around the world. My name is Romesh Vaitilingam and today's interview is with Professor Anne Krueger from Johns Hopkins University. We met at the Global Economic Symposium in Kiel, Germany in early October 2011, where we spoke about some of the issues around globalisation covered in her forthcoming book, <i>Struggling with Success: Challenges for the International Economy</i>. I began by asking her to lay out some of those challenges.</p>
<p><b>Anne Krueger</b>: &nbsp;OK. One of the ones I pick on is I strongly believe that as we become more interdependent, the need for &ndash; I don't want to say &quot;one mechanism,&quot; but a series of &ndash; stronger supports for multilateralism and for the global institutions is, I think, absolutely vital. I think the failing right now, even in the current crisis is in part the international financial institutions did not have the mechanisms with which they might have done some of the things that could have helped a lot.</p>
<p>Some countries, of course, still have serious need for economic policy reform. I think, particularly the Fund and the World Bank have been terribly important in supporting countries' governments when they have wanted to undertake some reforms, sometimes more successfully than others. I think in terms of dealing with individual countries, the Fund and the Bank have both been pretty good, not perfect but pretty good, in sort of saying, &quot;Hey, here is what your problems are, etc, etc.&quot;</p>
<p>Until this crisis and somebody needs the money, the Fund does not necessarily get listened to. The Bank has more of an option. They can work with the agriculture minister. If he's willing to do something and the rest of the government isn't, both of them have made a big difference. But that's one country, the World Bank, or one country with the Fund. It's not multilateral in the other sense.</p>
<p>Before I get back to that, though, the World Trade Organization, has of course, been huge, because a lot of what's happened with globalisation could not have happened had we not had agreed‑upon rules and understandings as to how the international trading system would work. The WTO has been crucially important as a multilateral organisation creating a multilateral framework even beyond the point where the Bank and the Fund have.</p>
<p>The Fund, of course, has done a lot on the international financial system, although not as much as you might like. But having said that, the other part is that the Fund has been less effective than it could have been and wanted to be in terms of the kinds of issues that are coming up now in many regards.</p>
<p>But certainly global imbalances were a major part of the contributor to the low real interest rates, which in turn certainly accelerated, if they did not fundamentally generate, the housing booms in several countries and so on, which were one of the big factors that when the banks and the financial institutions got in trouble. They were huge in that.</p>
<p>The IMF, under Rodrigo de Rato, did try multilateral consultations. The IMF screamed and its world economic outlook's about global imbalances. Raghu Rajan, the IMF's chief economist, gave a talk at Jackson Hole in 2005 in which he spelled out the risks the world economy was under, and he was almost laughed out of town.</p>
<p>The IMF tried bringing together the five key players to see what could be done. Everybody agreed global imbalances were a problem that should be corrected.</p>
<p>The deficit countries, country, mainly, basically said it was the responsibility of the surplus countries &ndash; and it was, at that time, plural, because of the oil exporters &ndash; to make the adjustment. Of course, the surplus countries said it was the deficit countries' problem. The one thing that should have happened, and the one thing they all agreed should happen, is the one thing that didn't happen, <i>ie</i>, nobody adjusted.</p>
<p>Of course, we've paid a price for that. We should have had a recession probably somewhere in the late part of the last decade anyway, but not anywhere nearly as severe had we had fewer excesses. Those excesses were certainly contributed to greatly by global imbalances if that was not the underlying factor.</p>
<p><b>Romesh</b>: &nbsp;Can we talk about where we are in the crisis now? Perhaps I'd like to start off with the issue of trade, because there's been much which I know you've thought about a lot over your life, that there has been talk that there are the fears of rising protectionism around the world as national responses to the crisis. Do you see that as a real threat? Are we making progress with the multilateral trade agenda?</p>
<p><b>Anne</b>: &nbsp;The simple answer to that part of the question is &quot;no,&quot; we are not making progress, regrettably. The first part is harder, because in fact there were fewer protectionist measures undertaken following the downturn in economic activity than I would have expected. You may recall where Gordon Brown talked about &ldquo;British jobs for British workers&rdquo; and so on and so forth.</p>
<p>There was some of that everywhere. There was &quot;buy American&quot; pressure in the US. There were some countries that imposed a number of measures, and there actually is something called the Global Trade Alert. Simon Evenett runs it. I think you know something about it, too, which has been pretty good at tracking some of that stuff. It's not negligible and it's a source of worry, but I think it did not get to the point where I, at least, would have expected it to. That's the first part of the statement.</p>
<p>There are, I think, several concerns going forward. One concern is actually quite different, because remember, food prices ran up or agricultural prices ran up enormously in 2008 and several exporters cut off supplies. If that continues, what's going to happen is the importers are going to say, &quot;Hey, we got to have food self‑sufficiency.&quot;</p>
<p>And we're going to see increasing protection in the raw material and primary commodity industries, and once that happens, then manufacturers are going to say, &quot;Hey, we have higher prices for our inputs than you do, so we need protection.&quot;</p>
<p>I fear very much that unless we can get the multilateral system back on track, that we're going to see a new round of protectionism, not because directly in the crisis, but because of the rising commodity prices and things associated with that, which says that it's crucial to complete the Doha Round quickly, and get some of these new items on the agenda.</p>
<p><b>Romesh</b>: &nbsp;If perhaps we could turn to finance and the big issue of the moment of sovereign debt. What's your take on where we are with that and how the challenges are going forward.</p>
<p><b>Anne</b>: &nbsp;Right, well, the first part, I should just say, of course, in the book I've got a couple chapters on that, as you might expect. The international economy does not have a mechanism for resolution of sovereign debt crises, and there are sovereigns who cannot pay on occasion. When you say &quot;cannot pay,&quot; of course, that's an interesting concept, but there are times when debt is truly unsustainable. When that happens, until something is done about it, the economy that cannot support that level of debt payment is going to be having its real output declining. It's going to be in big trouble.</p>
<p>Meanwhile, the rest of the world is going to feel that in a number of ways, including, of course, it's a longer time before the creditors get paid, and the more time goes, the less their claims are worth. In my judgement, you need some kind of a bankruptcy mechanism, the same as one has for private-sector activities, for circumstances when debt is truly unsustainable to preserve the assets, so that they can go to the appropriate parties and to enable the economy of the country that's under siege to restart more quickly rather than more slowly.</p>
<p>I see it as an urgent need for the international economy and one that I think, I hope, will come around sooner rather than waiting for another several instances where there's a country that's a victim to the inability to resolve issues quickly.</p>
<p><b>Romesh</b>: &nbsp;Could we focus specifically on the challenge that we're facing this very week, this very day, of Greece? What do you see, the prospects?</p>
<p><b>Anne</b>: &nbsp;Well, the first thing to be seen is, and I thought a year or more ago, and I think most economists did, the Greek debt was unsustainable. And having said that, then the next question is, well, why do we wait this long? Clearly, the Greeks have to reform economic activity. Clearly they have to change a lot of things. Clearly they've strangled their own economy in a number of ways. On top of that, they had fiscal excesses that they couldn't afford. There were clearly corrections that were needed, but having on top of that on a year and a half where you just sort of don't recognise the inevitable has led to an even more extreme situation. It's made it more difficult, and if there's going to be more spillover when it finally does completely fall apart, which seems to be happening as we speak.</p>
<p><b>Romesh</b>: &nbsp;Where do you think the euro is likely to be in five years' time? Do you have a sort of image of how that's going to play out?</p>
<p><b>Anne</b>: &nbsp;Well, no, I don't, because it's political. There have been, as you know, political crises in the past in Europe. Normally, when there's been such a crisis, it has been a conflict of what the economics said you should do and what the politics said you should do. The politics has always won out. The will to stay together has been strong enough so that in the final instance, the issue has been resolved in ways that enabled the European integration design to keep going. What worries me this time is this may mean an occasion in which when things get bad enough, and they may be close now, things will begin to unravel so fast that there won't be time for countries to react quickly when there are 17, each of whom has to agree.</p>
<p>I see the real danger coming not from a total absence of European will, but an inability of Europe to come to grips quickly enough with the issue to get ahead of, rather than behind, the speed of events.</p>
<p><b>Romesh</b>: &nbsp;The other big area where politics is big is the US debt issue. What are your reflections on that?</p>
<p><b>Anne</b>: &nbsp;In the Greek case, they truly cannot pay their debt. I mean, it is truly unsustainable, and it's going to get worse if they don't do anything about it. So that's... The US is at the other extreme. Of course, the US can pay. That's not even an issue. Nobody even thought it was an issue. And even the debt ceiling issue is kind of a red herring. I certainly did not think that Congress would let that deadline go by, and I certainly thought that even if they did, the Treasury would find some way to fund some payments that were not debt, that they might delay a few days or something until it got going.</p>
<p>On the other hand, the way it was handled made the payment of the debt a political football, which it should not have been. It was actually shocking to me to hear some of these statements by what I thought were responsible politicians who, in turn, had voted for the very expenditures that they were then voting not to finance once they had voted to finance them.</p>
<p>In the US case, I think it is very much political. I think the vast majority in the middle of the American people were appalled by the spectre of their Congress. Congress's approval rating is at the lowest in history. My guess and expectation is that in the 2012 election, some of these issues will be sorted out. My guess is that after that, we'll see what I'll call <i>more responsible behaviour</i>.</p>
<p>Surely, the US has to make some adjustments. The US has negative demographic trends. Not as much as some other countries, but it does have them. The US has burgeoning health expenditures coming up. Some corrections will have to be made, but there is some time to make them. In that sense, the US isn't in trouble.</p>
<p>It would be much better if right now there was a medium‑term plan to get the fiscal deficit under control much more quickly, but that's not the same as saying that the US is going to have any trouble sustaining its debt.</p>
<p><b>Romesh</b>: &nbsp;You call your book <i>Struggling with Success</i>. The word &quot;success,&quot; as you said to me earlier, implies that the global economy has been a success.</p>
<p><b>Anne</b>: &nbsp;Yes.</p>
<p><b>Romesh</b>: &nbsp;But we're facing struggles now. I guess my final question is: are you optimistic or pessimistic about the next ten years as we come out of this crisis?</p>
<p><b>Anne</b>: &nbsp;Well, this is a balance sheet crisis. A balance sheet crisis means that people are more indebted than they'd like to be, and they've got to work off some of that. That may make for a difference. I guess, by the end of the ten years, I can get reasonably optimistic, provided that sensible measures are taken in the US with regard to its fiscal problems coming up, and provided that the European Community somehow gets through its immediate troubles. I think the next couple of years are probably not going to be too great, but going beyond that I still think that we've learned how to do so many of these things that we'll get back on track. Some of the measures that will have been taken or have already been taken will mean that if we ever do face another downturn, that at least these kinds of problems won't be as severe as they were, but we'll find as economic growth continues, the structure continues. We'll find some other problems.</p>
<p><b>Romesh</b>: &nbsp;Anne Krueger, thanks so much.&nbsp;</p>

a

A

Topics

Global economy International trade
Tags
globalisation, protectionism, Eurozone crisis, multilateral institutions

Related Article(s)

Resolve Falters As Global Prospects Worsen: The 9th GTA Report The collapse of global trade, murky protectionism, and the crisis: Recommendations for the G20 Public debt in the Eurozone, Japan, and the US Eurozone leaders still don’t get it The G20 and global imbalances
MP3 File Details

Listen

Unfortunately the file could not be found.

Open in a pop-up window Open in a pop-up window

Download

Download MP3 File (11.2MB)

MP3 File Size

11.2MB

MP3 RSS File Size

11790217

MP3 Length (Minutes)

12

MP3 Length (Seconds)

15

When

October 2011

Where

Kiel, Germany

Has EU import protection gone up during the crisis?

Hylke Vandenbussche, Christian Viegelahn 04 September 2011

a

A

In December 2009, the EU extended antidumping duties on the imports of leather shoes from China and Vietnam.1 This decision was very controversial since it overruled the advice not to continue protection that had been formulated by the EU Antidumping Advisory Committee and was taken despite heavy protests from consumers, importers, and outsourcing firms in the EU.

a

A

Topics:  EU policies International trade

Tags:  antidumping, protectionism, EU policy

Pages

Events