The protectionist measures were part of a general diplomatic deterioration, Mr. Draghi added, and could damage the confidence that businesses needed before they would invest in expansion and hiring. “If you put tariffs against your allies,” Mr. Draghi said, “one wonders who the enemies are.”It was the second news conference in a row in which Mr. Draghi had expressed exasperation with the Trump administration. While Thursday’s communiqué merely omitted a single sentence, and Mr. Draghi sought to downplay the importance of the change, investors appeared to find it significant. Italy’s government debt, measured as a percentage of economic output, is among the highest in the world and, in Europe, second only to Greece’s. Mr. Draghi pointed out that the market turmoil was centered on the United States and “it was pretty short.”As expected, the Governing Council opted on Thursday to leave monetary policy unchanged.

Source: New York Times March 08, 2018 04:45 UTC