European business leaders fear rising protectionism (Financial Times)
Financial Times published an article stating that European business leaders expect governments to tighten control over a growing number of sectors in the name of national security, as the world divides into competing economic blocs. Roughly 80 percent of those running Europe’s biggest industrial companies believe more sectors will be identified as national security priorities in the coming years
Supply chain disruptions because of Russia’s invasion of Ukraine and China’s zero-COVID policy were fueling protectionist tendencies globally. With China, Europe and the US all aiming to reduce their reliance on others for strategic imports. According to IFPRI, in recent years countries from France to Australia have expanded the list of sectors considered strategic, opening the way for greater government intervention. But Russia’s invasion of Ukraine has drawn attention to new areas. Since the war began, 23 countries have turned to food protectionism (see IFPRI’s Food and Fertilizer Export Restrictions Tracker). Republished in Financial Times Chinese, Olt News, and Sepe (Greece).