Crisis may favor protectionism ? PACE Vice President
13:56, 21 May 2009
ASTANA. May 21. KAZINFORM. /Muratbek Makulbekov/ Vice President of the PACE, Chairman of the Sub-Committee on International Economic Relations, deputy of the Senate of Belgium Paul Ville has made a speech at the international conference ?Modern Kazakhstan and ?Path to Europe? today in Astana.
According to him, amid the crisis Europe is able to reset world economy only in case it can form a common investment plan aimed at creating new stable economy. ?There exists a threat that the crisis may encourage protectionism. Some countries want to close their markets to depart from competition. However this will have a destructive effect at the macroeconomic level and break the economic structure of the last 50 years which turned the Eurasian continent into the most important economic locomotive of the world. Thus it is urgent to start preventing any signs of protectionism now", P. Ville emphasized.