ECB's Draghi Says Drift Towards Protectionism Is 'serious Risk' To Global Economy

European Central Bank President Mario Draghi warned Friday a drift toward protectionism is a serious risk to the global economy. In a speech at the Federal Reserve's summer retreat in Jackson Hole, Draghi said that multilateral cooperation was crucial in making free trade sustainable. Cooperation across borders can help policymakers respond to the backlash against free trade that stems from legitimate concern for fairness, safety and equity, he said. Draghi did not discuss the ECB's bond-buying program in his prepared remarks. There had been expectations earlier in the month that the ECB president would use Jackson Hole to signal an end to the asset purchases by the end of the year.