Cernobbio, Italy (Reuters) – Uncertainty in the euro zone could worsen with American customs duties while the block economy is already suffering from long -standing structural elements, estimates Isabel Schnabel on Saturday, member of the Management Bank of the European Central Bank (ECB).
Speaking at an economic forum in Cernobbio, in northern Italy, Isabel Schnabel said that the ECB would closely examine in the coming weeks the impact on economic growth and inflation of the 20% customs duties decided on Wednesday by the American president, Donald Trump.
For the moment, according to her, the recent decisions of the American administration have caused “a spectacular push of uncertainty” which could be only the beginning.
“Some thought that the ‘Liberation Day’ (Liberation Day, name given by Donald Trump to his recent announcements on customs duties) could be the day of the peak of uncertainty, but I am not quite sure that this is the case,” she warned.
Isabel Schnabel also firmly challenges Donald Trump’s accusation that the European Union was created to harm the United States.
“Of course, the EU was not born to ‘kiss’ the United States, but she was born to prosper Europe,” she said.
(Giancarlo Navach report, written by Gavin Jones, Claude Chendjou)
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