Panetta (Bank of Italy): "No country prospers by closing itself to international trade"

“There is no example in the economic history of the past of any country that has prospered by closing itself to international trade”. This was stated by the governor of the Bank of Italy Fabio Panetta speaking at the event Young Factor: a dialogue between young people, economics and finance, promoted by the Osservatorio Permanente Giovani – Editori, in partnership with Intesa Sanpaolo. “The history of the last 60 years is a history of international commercial integration and growth,” the governor highlighted. “The two things are obviously linked to each other. Then there is a problem of distribution of the benefits of growth that has not been what was expected. But there is certainly no advantage for a country in isolating itself from the rest of the world, especially for the United States, which is an economy that has developed by attracting the best resources, including intellectual ones, from all over the world,” he concluded.

Panetta (Bank of Italy): “No country prospers by closing itself to international trade”

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