Bank for International Settlements Takes Aim at Protectionism

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Wall Street Journal

ZURICH—The Bank for International Settlements warned Sunday that rising protectionist sentiment and a retreat from global cooperation on economic matters would threaten the world economy.

“Rolling back globalization would strike a major blow against the prospects for a sustained and robust expansion,” said the BIS, a consortium of central banks based in Basel, Switzerland, in its annual report.

BIS chief economist Claudio Borio put it bluntly: “Rolling back globalization would be as foolhardy as rolling back technological change.”

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