German Chancellor warns against protectionism during the coronavirus recession
German Chancellor Angela Merkel warned that countries should not resort to renationalization and protectionism in response to the recession caused by the coronavirus crisis.
She said that multilateralism faces a major challenge even after the pandemic ends.
Merkel, has put forward a Franco-German plan for a €500 billion EU recovery fund.
Merkel had an video conference earlier with the five heads of the International Labour Organization, the International Monetary Fund, the Organization for Economic Cooperation and Development, the World Bank and the World Trade Organization at which they exchanged ideas about the economic response to the crisis.
“The answer to the pandemic can certainly not be to renationalize all international supply chains now; then everyone would pay a very high price,” Merkel said.
“We are now in the phase of waiting for the proposal from the Commission,” Merkel said.
The European Commission will present its proposal on May 27th.
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