ECB's Draghi Criticizes Protectionism, Deregulation Push

By Tom Fairless Features Dow Jones Newswires

European Central Bank President Mario Draghi took aim Friday at economic protectionism and efforts to deregulate financial markets in a speech at the Jackson Hole economic symposium in Wyoming.

Continue Reading Below

In his first speech in three years at the Fed's annual late-summer retreat, Mr. Draghi criticized a global tilt toward protectionism, which he said could jeopardize economic growth, and warned against loosening postcrisis financial regulations.

His comments push back against key parts of the policy agenda of President Donald Trump, who has threatened to pull the U.S. out of multilateral trade agreements and called for a relaxation of Dodd-Frank financial rules.

"To foster a dynamic global economy we need to resist protectionist urges," Mr. Draghi said. He praised multilateral organizations like the World Trade Organization and the Group of 20 for helping to ensure global trade is fair and equal.

The ECB chief also warned that loosening financial regulations as central banks are providing easy money risks stoking financial imbalances and could re-create incentives that led to the financial crisis.

Write to Tom Fairless at tom.fairless@wsj.com

Continue Reading Below

(END) Dow Jones Newswires

August 25, 2017 16:18 ET (20:18 GMT)