Europe naively believes that the liberal economic model can survive the global changes initiated by the US and China, said the head of the Central Bank of Belgium, Pierre Wunsche.
According to him, European politicians continue to try to create an open market and limit state aid, but this seems impossible due to the policies of Trump and Beijing.
“Openness to trade and strict rules on state aid worked in a rule-based world. That world no longer exists, and if you cling too tightly to what no longer exists, you are simply naive,” said Wunsche.
The head of the Central Bank of Belgium noted that Europe has not yet realized how much the global economy has moved away from the principle of equal opportunities.
“The world has changed, so we cannot continue to do the same thing and repeatedly offer the same solutions that, to some extent, no longer work,” he concluded.
In an article published by the Central Bank of Belgium, Wunsche also criticized the EU's economic strategy, stating that Brussels avoids compromises between climate goals, competitiveness, and openness.
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